Gold & Silver are bullish today as the dollar index remains near four month highs and US equities notched new highs. Gold prices are expected to trade sideways as the outcome of the ECB meet will play a crucial role for the yellow metal, while the dollar index is trading lower by 0.32 percent today, it will provide support to gold prices. Base metals are mostly trading lower because of weakness seen in Chinese economy. Oil prices moved higher after the U.S. Energy Department reported a ninth consecutive weekly draw down of crude inventory.
1). Gold edged higher Thursday, bouncing off a three-week low, as traders awaited a European Central Bank meeting that could herald an expansion of the bank’s stimulus program.
2). After a mixed bag of economic data, crude is charging lower, with a hangover from yesterday’s inventory report and on ongoing concerns of bloated inventories.
Gold showed bullish and touched the support level of 30650. Now if it will close below the important support level of 30850 then 30650 will act as next support level. On higher side 31150 will act as vital resistance level.
Silver showed bearish movement in morning session and and in evening session it showed strong movement. Now if it will break the support level of 46000 then 45500 will act as next support level. On higher side 47000 will act as vital resistance level.
Crude oil showed sideways to bearish movement. Now if it will sustain below 3050 then 3000 will be next support level. On the other hand 3125 will act as important resistance level.
Copper showed sideways movement and pull towards the resistance level of 337. Now if it will break the support level of 335 then 332 will act as next support level. On the other hand 340 will act as a major resistance level.
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