Gold and silver slid after comments from top Federal Reserve official’s fuelled speculation that U.S. interest rates would rise sooner rather than later, weighing on the dollar. Copper prices remain near two-month lows as supply remains higher and inventories continue to surge. Oil prices fell, pressured by high output from Middle East members. Oil prices may trade lower as global supply glut continues to bother investors while the crude inventories in the US at around 519 million barrels still remains very high at this point of the year. Non-farm payrolls will be closely watched this week.
1). Gold futures on Monday attempted to stage a rebound after suffering from their largest weekly decline since mid-July.
2). Oil futures fell on Monday, as investors locked in their profits on growing expectations that the U.S. Federal Reserve could raise interest rates as early as next month and a group of major crude producers may fail to come up with a pact to stabilize output.
3). Hedge funds and other speculators raised their bullish bets fueled by speculation that OPEC will agree next month to production freeze deal with non-OPEC members.
Gold showed bullish movement. Now if it will close below the important support level of 30800 then 30650 will act as next support level. On higher side 31200 will act as vital resistance level.
Silver showed sideways to bullish movement in today’s session. Now if it will sustain below its support level of 43500 then 43000 will act as next support level. On the other hand 44750 will act as important resistance level.
Crude oil showed sideways movement. Now if it will maintain above 3200 then 3300 will be next resistance level. On the other hand 3125 will act as important support level.
Copper showed bearish movement and drag towards the support level of 307. Now if it will break the support level of 307 then 303 will act as next support level. On the other hand 311 will act as a major resistance level.
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