Gold closed higher yesterday as the highflying dollar cooled its advance. Base metals traded higher with Copper prices jumping more than 2%, leading a broad rally in industrial metals, amid prospects for better demand in top consumer China and smaller growth in supply. Oil prices rose to a three-week, adding to last week’s strong gains on growing expectations that global oil producers will find a way to cap output at a meeting scheduled for the end of this month. Prices were buoyed by news that the energy ministers from two of OPEC’s most reluctant members in terms of cutting output, Iraq and Iran, are backing the proposal.
Gold prices recovered at the domestic bullion market here on Monday on fresh demand from jewellery stockist supported by bullish overseas cues. Silver gained marginally because of mild speculative and good industrial off take.
Oil futures rallied on Monday, finding support after Russian President Vladimir Putin said his country would freeze its oil output, as fresh discussions ahead of next week’s meeting of the Organization of the Petroleum Exporting Countries continue
Gold showed sideways to bearish movement and found the important support level of 29000. Now if it will close below the important support level of 29000 then 28800 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 40400. 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 3300. Now if it will break the 3300 then next resistance level is seen around 3400. On the other hand 3250 will act as a major support level; if it breaks the prices could visit 3150 level.
Copper showed sideways to bullish movement and found the important resistance level of 380. Now if it will break the resistance level of 380 then 390 will act as next resistance level. On the other hand 370 will act as a major support level.
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