Edging On Base Metal and Free MCX Tips

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Market Outlook

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange edged up 0.11% to $1,280.39 a troy ounce. The U.S. dollar index fell 0.07% to 93.46. In precious metals, Comex gold inched down $1.70 or 0.1% to $1,276.60 per oz. Trade has ranged $1,272-1,280.40. Zinc prices drifted lower by Rs 1.45 to Rs 209.50 per kg in futures trade today as traders trimmed positions amid subdued demand from consuming industries at the spot markets. Southeast Asia’s net crude oil imports will more than double by 2040 as the region adds new refining capacity to meet rising demand while oil output falls, according to the International EnergyAgency(IEA).

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Fundamental News

Base metals prices on the London Metal Exchange are for the most part weaker this morning, Wednesday, October 25. Tin prices are the exception as they are unchanged, but they are also already relatively weak. This follows a general day of strength on Tuesday when all bar leads closed higher. Lead prices were down by 1.1% at the close, while copper prices, which had been up by as much as 1.3% at the European open yesterday, gave back earlier gains to close up by 0.4%.

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Gold showed sideways bearish movement and found the support level of 29300 and upside it took resistance level of 29500. Now if price sustains below 29220 then 29130 will act as a next support level and up-side 29615 will act as a next resistance level.

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Silver showed sideways to bearish movement and found the major support level of 39300. Now if price sustains on a lower level then it will test next support level of 39050. On another side, 39750 will be major resistance level.

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Crude oil showed sideways to bearish movement and found the major support level of 3370. Now if price sustains on a lower level then it will test next support level of 3338. On another side, 3430 will be major resistance level.

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Copper showed sideways to bearish movement and found the major support level of 452. Now if price sustains on a lower level then it will test next support level of 448. On another side, 461 will be major resistance level.

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