Gold closed lower on Tuesday as market players continued to dump the yellow metal in wake of Donald Trump’s victory in the U.S. presidential election while Silver closed higher on profit booking after the white metal dropped to its lowest level in nearly five months in the evening session. Base metals were mostly lower with Copper prices falling as traders cashed in gains. Oil prices rose 5.91% bouncing back from multi- month lows on optimism that OPEC will agree to cut production to reduce a supply glut.
Gold futures erased overnight gains in North American trading on Tuesday, falling back towards a six-month low after data showed that U.S. retail sales rose more than expected in October, boosting optimism over the health of the economy.
Crude oil futures surged on MCX as investors and speculators enlarged their positions in the energy commodity on expectations that US shale oil production will fall in December to its lowest since April 2014 at 4.5 million barrels per day. Crude oil prices improved further on renewed optimism that oil cartel OPEC will deliver on touted production cuts.
Gold showed sideways to bearish movement and found the important support level of 29250. Now if it will close below the important support level of 29200 then 28900 will act as next support level. On higher side 29800 will act as vital resistance level.
Silver showed sideways movement and found the important support level of 40500. Now if it will close above the important resistance level of 42000 then 43000 will act as next resistance level. On lower side 40000 will act as vital support level.
Crude showed bullish movement and found the important resistance of 3085. Now if it will break the next support level of 3000 then 2900 will act as next key support level. On the other hand 3100 will act as a major resistance level, if it breaks the prices could visit 3200 level.
Copper showed choppy movement and found the important support level of 363. Now if it will break the resistance level of 380 then 390 will act as next resistance level. On the other hand 363 will act as a major support level.
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