Gold closed higher on Thursday as speculators enlarged positions amid a firm global trend. Silver futures closed lower as participants engaged in trimming their positions taking weak cues from global market. Base metals were mostly lower. Crude oil closed higher in the wake of U.S. inventory report that revealed the first weekly rise in crude supplies since the end of August, but also a drop in output for the lower 48 states to the lowest level in over two years. Natural gas also closed higher amid decline in its inventory.
Gold edged up on Thursday on a weaker dollar and as equities plunged on soft Chinese trade data that stoked concerns about the health of the world’s No.2 economy.
Crude oil prices recovered from a brief dip on Thursday as refined products futures rallied on stockpile draws in U.S. gasoline and distillate fuel oil. Prices initially dipped after government data showed the first rise in U.S. crude stockpiles in six weeks as refinery inputs fell. Inventories rose by 4.9 million barrels to a total of 474 million barrels in the week through Oct. 7.
Gold showed sideways movement and near to its resistance level of 29900. Now if it will close above the important resistance level of 30000 then 30400 will act as next resistance level. On lower side 29500 will act as vital support level.
Silver showed bearish movement in today’s session after opening on higher note. Now if it will maintain above its resistance level of 42400 then 43000 will act as next resistance level. On the other hand 41750 will act as important support level.
Crude oil showed sideways movement. Now if it will maintain above 3400 then 3450 will be next resistance level. On the other hand 3300 will act as important support level.
Copper showed sideways to bearish movement and found the important support of 315. Now if it will break the support level of 315 then 310 will act as next support level. On the other hand 320 will act as a major resistance level.
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