Bullion prices fell on Friday with focus on prospects for a U.S. rate hike as Fed policymakers continue to stress the need to act even as data show mixed progress. Investors are now weighing whether the Bank of Japan will announce fresh easing measures when it meets this month. Bullion may further decline today. Base metals were mostly down due to weak global demand. Crude prices fell after U.S. oil drillers added rigs to look for new production as producers adapt to cheaper crude, with speculators cutting positions betting on further price rises. Crude may further decline in today’s session.
1). Gold futures headed for a third straight decline Friday, but were set to salvage a slim weekly gain as traders looked to a cadre of Federal Reserve speakers for clues on the near-term fate of interest rates.
2). Oil futures headed lower on Friday, giving back part of the rally they saw a day earlier on the back of a surprise drop in U.S. crude inventories. But prices were still set for a weekly gain of more than 4% as some traders held on to hope that major producers will make a move this month to curb output.
Gold showed sideways movement and near to its support level of 31150. Now if it will close above the important resistance level of 31350 then 31500 will act as next resistance level. On lower side 31000 will act as vital support level.
Silver showed bearish movement in today’s session. Now if it will maintain above its resistance level of 46650 then 47000 will act as next resistance level. On the other hand 46000 will act as important support level.
Crude oil showed bearish movement. Now if it will maintain above 3175 then 3225 will be next resistance level. On the other hand 3075 will act as important support level.
Copper showed bullish movement and found the important resistance of 314. Now if it will break the support level of 311 then 308 will act as next support level. On the other hand 314.50 will act as a major resistance level.
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