Gold prices sank to fresh two-week lows on Thursday, as investors digested the release of a host of U.S. economic data. Data released earlier showed that retail sales in the U.S. declined for the first time in five months, fueling concerns over the economic outlook. Base metals were mostly low yesterday. Oil recovered from steep overnight losses after the release of stockpile data. Gains in oil prices were limited by ongoing supply concerns with Libya and Nigeria looking to restore output after disruptions. Natural gas prices closed higher yesterday, after data showed that supplies in the U.S. rose less than forecast.
Gold futures headed lower Thursday and were on track to mark a sixth day of losses in seven sessions after a raft of U.S. economic reports resulted in the precious metal’s price bouncing around.
Base metals were mixed on Thursday morning on the LME, with copper hovering around three-week highs while aluminum, lead and zinc were lower.
Gold showed choppy movement and near to its resistance level of 31250. Now if it will close above the important resistance level of 31250 then 31500 will act as next resistance level. On lower side 30750 will act as vital support level.
Silver showed sideways movement in today’s session. Now if it will maintain above its resistance level of 46000 then 46500 will act as next resistance level. On the other hand 45000 will act as important support level.
Crude oil showed bearish movement. Now if it will maintain above 3025 then 3150 will be next resistance level. On the other hand 2900 will act as important support level.
Copper showed bearish movement and found the important support of 321.50. Now if it will break the resistance level of 324 then 328 will act as next resistance level. On the other hand 320 will act as a major support level.
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