Precious Metals closed lower on Friday. We expect prices to trade range bound as the possibility of rate hike in December meeting of the US fed. In base metals sector, every metal trading lower as the china’s September data showed a sharp decline in exports, so we expect price to trade lower on MCX. Crude oil is trading higher on NYMEX today. On the MCX we expect oil prices to trade range bound for the day as OPEC said it’s production had risen to the highest level in at least eight years.
1). Gold futures settled lower Friday as the dollar climbed on the back of upbeat U.S. retail sales data, but scored their first weekly gain in three weeks.
2). Oil futures slipped on Friday, but managed a fourth consecutive week of gains as traders eyed a decline in U.S. crude production for the lower 48 states to a level not seen in more than two years.
3). Base metals are mostly lower on the LME as weak trade out of china raised growth concerns again.
Gold showed sideways movement and near to its resistance level of 29900. Now if it will close above the important resistance level of 30000 then 30400 will act as next resistance level. On lower side 29500 will act as vital support level.
Silver showed bearish movement in today’s session after opening on higher note. Now if it will maintain above its resistance level of 42400 then 43000 will act as next resistance level. On the other hand 41750 will act as important support level.
Crude oil showed bearish movement. Now if it will maintain above 3370 then 3420 will be next resistance level. On the other hand 3320 will act as important support level.
Copper showed sideways to bearish movement and found the important support of 313. Now if it will break the support level of 313 then 310 will act as next support level. On the other hand 317 will act as a major resistance level.
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