Gold prices got a haven boost early on Friday following the US missile strike against Syria, but prices did not hold on to the gains. As such, spot gold prices are trading sideways. We expect gold prices to remain well supported as attention focuses on the French election. Oil prices rose on Monday, supported by strong demand and uncertainty over the conflict in Syria, although another run-up in U.S. drilling activity kept a lid on gains. Base metals prices remain under pressure this morning, with three-month prices down an average of 0.2%.Three-month copper prices were quoted at $5,813 per tonne and volume across the base metals has been above average with 7,105 lots traded.
Zinc and lead prices are up marginally, while copper and nickel prices lead with declines of 0.6% and 0.5%, respectively.
A strong U.S. dollar usually weighs on gold, as it dampens the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies. The dollar initially sold off following the release of the weaker-than-anticipated employment data before regaining ground.
Brazil’s oil exports have soared 65 percent since February 2016, to a record of more than 1.46 million bpd, according to government data obtained by Reuters.
Gold showed sideways movement and found the important support level of 28620. Now if it will sustain below the important support level of 28600 then 28400 will act as next support level. On the other hand 29000 will act as a major resistance level.
Silver showed bearish movement and found the important support level of 41006. Now if it will sustain below 41000 then 40500 will act as next support level. On the other hand 41900 will act as a major resistance level.
Crude showed bullish movement and found the important resistance level of 3430. Now if it will close above the important resistance level of 3450 then 3500 will act as next resistance level. On the other hand 3390 will act as a major support level.
Copper showed bearish movement and found the important support level of 371.45. Now if it will close below the important support level of 370 then 365 will act as next support level. On the other hand 380 will act as a major resistance level.
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