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Bullion saw some safe-haven bids as U.S. and Asian stocks fell, dragged down by economic reports portraying U.S. factory growth as tepid and China in its worst manufacturing contraction since the global financial crisis. Spot gold XAU= was firm at $1,130.75, after gaining 0.5 percent on Wednesday. December Comex Gold futures posted a solid gain on Wednesday after trading lower earlier in the session. Traders initially sold gold after the release of China’s bearish manufacturing PMI report because of a stronger U.S. Dollar.

LME copper fell from highs during European and US trading hours as a result of worries about China’s demand and a slump in crude oil prices. LME lead finally ended at USD 5,059/mt, down by USD 16/mt. China’s Caixin manufacturing PMI for September recorded a 6.5-year low, triggering concerns over China’s demand and crude oil prices tumbled, weighing down base metal prices. LME copper should move in USD 5,040-5,100/mt during Asian trading hours. SHFE 1511 copper will range between RMB 38,300-39,000/mt on Sept. 24 with strong resistance emerging.

Oil prices pared some losses on Thursday after sharp falls overnight on an unexpectedly large buildup in U.S. gasoline stocks and seasonally tepid demand. Data from the Energy Information Administration on Wednesday showed that U.S. crude oil stocks fell 1.9 million barrels in the week to Sept. 18, the second straight weekly drawdown, compared with analyst expectations for a decrease of 533,000 barrels. Asian shares got off to a cautious start on Thursday after more dour economic news in China and the United States prompted a bruising selloff the previous day.

CS GOLD (OCTOBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 26850
RESIST 1: 26680
SUP 1: 26345
SUP 2: 26220
STRATEGY: BUY ON DIPS

CS SILVER (SEPTEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2:36200
RESIST 1:35820
SUP1:35150
SUP2:35000
STRATEGY : BUY ON DIPS

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