Bullion closed lower yesterday as Federal Reserve Chairwoman Janet Yellen appeared to validate the market’s expectation for a December interest-rate hike. The dollar and Treasury yields pushed higher after Yellen’s prepared remarks, and a spate of strong U.S. economic data, helped boost the dollar and Treasury yields, sapping demand for gold. Bullion may consolidate in today’s trading session. Base metals were mixed with prices rising in evening session. Crude oil closed lower as doubts over full OPEC member compliance with any output deal combined with a rise in the U.S. dollar to its highest levels since 2003. Crude may trade lower today.
Gold prices are trading near unchanged in early U.S. dealings Thursday, following the release of several U.S. economic reports that were mostly stronger than expected.
Oil prices rose on Thursday, with U.S. crude briefly rising as much as $1 a barrel, as expectations of an OPEC deal to limit production outweighed oversupply concerns, but a rallying dollar capped gains.
Gold showed sideways to bearish movement and found the important support level of 29250. Now if it will close below the important support level of 29200 then 28900 will act as next support level. On higher side 29800 will act as vital resistance level.
Silver showed sideways movement and found the important support level of 40500. Now if it will close above the important resistance level of 42000 then 43000 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 bullish 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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