Gold futures ended higher on Tuesday due to some weakness in the US dollar that boosted the metal’s appeal. Besides, physical demand rose before India's late-October festival season, also fuelled the uptrend.
Crude oil futures declined further on Tuesday, with Nymex crude once again slipping below the $50 a barrel mark, ahead of closely-watched US oil inventories data. Traders were also concerned with report that Iraq now says it wants to keep pumping oil at a furious pace to make up for market share lost during recent wars there. Iraq is the second biggest producer in OPEC after Saudi Arabia. The country pumped 4.78 million barrels last month.
Copper futures ended higher on Tuesday as the dollar slipped against a basket of currencies and talk of further fiscal stimulus by the world’s top consumer China fuelled buying of commodities. Copper prices improved further on stronger manufacturing surveys in the United States and Europe, which added to optimism over the health of the global economy.
Technical Level
Gold
Support at 29700 and Resistance at 30000
Three consecutive + weekly close above 30000 will take to 30300---30550+ mark in days to come else it could test its support level of 29700 again.
Selling can be initiated below 29700
Trade with levels only
Silver
Silver has support at 41800 and resistance at 42700.
Three consecutive close + weekly close above 42700 will take to 43300---43700 and then to 44500+ mark else it could test its support level of 41800 again
Trade with levels only
Crude oil
Support at 3270 and resistance at 3330---3370
Below 3270 will take it to 3220---3170 else it could test its resistance level of 3330---3370 again.
Trade with levels only
Copper
Support at 313 and resistance at 318.50
Looks positive... above 318.50 will take it to 322---325 + mark.
Any sharp downside panic will be buying opportunity with stop loss below 313 on closing basis.
Major Economic Data Updates
07.30 P.M New Home Sales: Previous 609K Forecast 601K, Actual –??
Impact – Increase in New Home Sales – will have negative impact bullion and positive impact on base metals and dollar index or vice – versa
08:30 P.M Crude Oil Inventories: Previous -5.2M, Forecast 0.7M, Actual –??
Impact – Increase Crude Oil Inventories – will have negative impact on crude oil prices or vice versa.
