Gold prices held gains as U.S. dollar weakened but lacked impetus to push higher on increased odds of an interest rate hike by Federal Reserve. Stronger-than- expected U.S. retail sales data in October pointed to sustained economic strength that could allow Federal Reserve to raise interest rates. Base metals traded lower with copper prices sliding for second session after hitting its highest in over a year last week. Oil prices closed higher despite the fact that U.S. crude stocks rose beyond expectations to add to an oversupplied market. Participants continued to weigh prospects of a coordinated production cut among major global oil producers.
Gold prices on Wednesday added to gains made in the previous session as the US dollar weakened, with investors showing
concern over the impact of the potential economic policies of US president-elect Donald Trump.
Oil prices edged higher in volatile trading as the market weighed Russia’s comments about a possible meeting with Saudi Arabia on possible output cuts against a bigger-than-expected U.S. crude storage build.
Gold showed sideways to bearish movement and found the important support level of 29250. Now if it will close below the important support level of 29200 then 28900 will act as next support level. On higher side 29800 will act as vital resistance level.
Silver showed sideways movement and found the important support level of 40500. Now if it will close above the important resistance level of 42000 then 43000 will act as next resistance level. On lower side 40000 will act as vital support level.
Crude showed bullish movement and found the important resistance of 3155. Now if it will break the next support level of 3050 then 3000 will act as next key support level. On the other hand 3200 will act as a major resistance level, if it breaks the prices could visit 3250 level.
Copper showed choppy movement and found the important support level of 368. Now if it will break the resistance level of 380 then 390 will act as next resistance level. On the other hand 363 will act as a major support level.
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