Gold prices headed for third consecutive weekly decline, on expectations of Federal Reserve rate hike and as dollar rose to an eight-month high against yen as U.S. bond yields resumed their rise in Asia after the Thanks giving break shut markets in the United States. Base metals were mostly higher. Oil prices fell due to a strong dollar, rising Saudi supplies to Asian clients and fall in Chinese imports. Oil may trade lower today.
Zinc prices touching its highest in almost nine years on bets that demand was picking up faster than supply amid a broad-based rally across base metals. Global supply pool of zinc has been contracting as reserves are exhausted at huge mines in Australia, Canada and Ireland.
A Saudi-led plan to agree on crude output cuts from OPEC and other producers next week would only impact supplies from February 2017 as most exporters sell their supplies two months ahead. OPEC is due to meet on Nov. 30 to coordinate a cut potentially members like Russia
Gold showed sideways movement and found the important support level of 28400. Now if it will close below the important support level of 28400 then 28200 will act as next support level. On higher side 29000 will act as vital resistance level.
Silver showed bullish movement and found the important resistance level of 40600. Now if it will close above the important resistance level of 40600 then 41000 will act as next resistance level. On lower side 39900 will act as vital support level.
Crude showed bearish movement and found the important support of 3170. Now if it breaks 3170 then next support level is seen around 3100. On the other hand 3270 will act as a major resistance level; if it breaks the prices could visit 3350 level.
Copper showed sideways to bullish movement and found the important resistance level of 404. Now if it will break the resistance level of 404 then 408 will act as next resistance level. On the other hand 395 will act as a major support level.
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