Gold jumped in Asia on Friday after a tepid start as the Federal Reserve kept its benchmark interest rate steady in the face of global economic volatility. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery rose 1.20% to $1,130.40 a troy ounce. Overnight, citing the negative effects of global economic weakness on U.S. inflation, the FOMC voted to leave its benchmark Federal Funds Rate at its current level between zero and 0.25% on Thursday. Nearly a decade has passed since the U.S. central bank has last raised short-term rates.

LME copper kept fluctuating during European and US trading hours with closing price up USD 5/mt at USD 5,395/mt. Investors stayed wary ahead of the release of US interest rate meeting minutes. The earthquake in Chile gave no solid support to copper prices . US dollar ended down 1% following US interest rate meeting yesterday evening. But COMEX copper finally still slipped from highs despite the sliding dollar. US Fed announced to keep interest rate unchanged on the Sept.’s FOMC meeting overnight. LME copper meets resistance at highs and should move between USD 5,360-5,440/mt during Asian trading hours.  

Crude oil prices eased in early Asia on Friday as investors took stock of the Federal Reserve decision to hold rates and comments on global economnic weakness. On the New York Mercantile Exchange, WTI crude for October delivery traded down 0.19% to $46.81 a barrel. On Thursday afternoon, the Federal Open Market Committee announced that it is keeping its benchmark Federal Funds Rate at its current level between zero and 0.25%, citing widespread concerns related to global economic weakness.

GOLD (OCTOBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 26690
RESIST 1: 26520
SUP 1: 26250
SUP 2: 26170
STRATEGY: BUY ON DIPS

SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2:36500
RESIST 1:36290
SUP1:35850
SUP2:35500
STRATEGY : BUY ON DIPS