Gold prices were hovering at a six-month low as a broadly stronger U.S. dollar continued to dampen demand for the precious metal. The US dollar strengthens after Fed Chair Janet Yellen signaling that an interest rate hike is in the offing quite soon. Bullion may trade lower. Base metals were mostly lower and may continue to do so. Oil prices fell as a strengthening U.S. dollar beat back renewed hope that OPEC might finally agree production cuts. Saudi Arabian Energy Minister Khalid Al- Falih’s optimistic comments on potential OPEC cuts came ahead of a meeting of key oil exporters. Crude may trade higher.
Gold hit its lowest level since late May on Friday as the dollar surged to a near 14-year high on expectations for a US rate hike next month and more infrastructures spending from the new Trump administration.
Oil prices eked out gains despite a stronger dollar and rising U.S. oil rig count, as hopes that OPEC might agree to limit production cuts at the end of the month boosted sentiment.
Gold showed sideways to bearish movement and found the important support level of 28800. Now if it will close below the important support level of 28800 then 28500 will act as next support level. On higher side 29250 will act as vital resistance level.
Silver showed sideways movement and found the important support level of 40100. Now if it will close above the important resistance level of 41000 then 42000 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 3160. 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 sideways movement and found the important resistance level of 375. 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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