Gold prices fell as dollar strengthened on growing expectations of a Federal Reserve rate hike in December following positive U.S. economic data. Base metals are trading mix with Zinc prices on eight-year high and copper jumped for a fourth day in a row as investors poured funds into metals in expectation of inflation in China and the United States and on signs of growing strength in the U.S. manufacturing sector. Oil prices were little changed as uncertainty ahead of a planned OPEC-led crude production cut and thin liquidity during the U.S. Thanksgiving holiday kept traders from making big new bets.
China’s net gold imports rose 15.8% in October. Net gold imports rose to 61.075 tonnes in October from 52.762 tonnes in September. New orders for U.S. manufactured capital goods rebounded in October, driven by rising demand for machinery and range of other equipment indicating acceleration in economic growth.OPEC is due to meet on Nov to coordinate cut, potentially together with non-OPEC member Russia.
Gold showed bearish movement and found the important support level of 28600. Now if it will close below the important support level of 28600 then 28300 will act as next support level. On higher side 29000 will act as vital resistance level.
Silver showed bearish movement and found the important support level of 40100. Now if it will close above the important resistance level of 41000 then 42000 will act as next resistance level. On lower side 40000 will act as vital support level.
Crude showed sideways movement and found the important resistance of 3340. Now if it will break the 3340 then next resistance level is seen around 3360. On the other hand 3230 will act as a major support level; if it breaks the prices could visit 3150 level.
Copper showed sideways to bullish movement and found the important resistance level of 408. Now if it will break the resistance level of 408 then 420 will act as next resistance level. On the other hand 395 will act as a major support level.
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