Gold futures edged lower on Monday in Asian trade with investors noting domestic holiday-demand prospects in India ahead of the festival season, while widely expecting a dampener in the form of a Fed rate hike by the end of the year.
Crude oil futures ended higher on Friday, despite the data showing the U.S. rig counts continue to rise. Baker Hughes showed the number of active U.S. oil rigs rose by 11 this week to 443, the 17th week without a decline in the rig count. Natural gas rigs rose by 3 to 109, while miscellaneous rigs were flat at 2. Prices moved higher as bullish comments from Russia contended with a resurgent dollar and a rising oil rig count. Russian Energy Minister Alexander Novak said that an oil production freeze deal was necessary to support prices and that he would make proposals to his Saudi Arabian counterpart this weekend. The Organization of the Petroleum Exporting Countries is set to hold a meeting on November 30 to further discuss the details of a global output freeze.
Copper futures ended lower on Friday on concerns over the impact of steps by China to douse its hot housing market, which drives demand for copper to produce white goods and power. Copper prices weakened further on dollar’s strength against a basket of currencies as investors grew more confident that US interest-rates will rise this year.
Technical Level
Gold
Support at 29800 and Resistance at 30000
Break and sustain below 29800 will take to 29650---29580 mark else it could test its resistance level of 3000 again.
Fresh buying only above 30000
Trade with levels only
Silver
Silver has support at 41800 and resistance at 42300---42700.
Break and sustain below 41800 will take to 40800---40500 and then to 39800 mark.
Hurdle intact at 42300---42700.
Trade with levels only
Crude oil
Support at 3370 and resistance at 3470
Close below 3370 will take to 3280--3230 mark else it could test its resistance level of 3470 again.
Further inside rally will see only close above 3470 mark.
Trade with levels only
Copper
Support at 310 and resistance at 316
Break and sustain below 310 will take it to 306—303 and then to 298 mark.
Fresh buying above 316
Major Economic Data Updates
06:30 P.M - FOMC Member Dudley Speaks
06:35 P.M - FOMC Member Bullard Speaks
09:45 P.M SNB Chairman Jordan Speaks
