Gold futures ended lower on Monday as investors weighed the possibility of an impending Federal Reserve interest rate increase and new uncertainties related to the US presidential campaign. Besides, a strong US dollar against some major basket of currencies also fuelled the downtrend.
Crude oil futures declined further on Monday to hit one-month lows on doubts about Organization of the Petroleum Exporting Countries’ (OPEC’s) ability to implement its planned production cut, even as cartel officials approved a document outlining their long-term strategy. Officials from the OPEC and non-member producers met in Vienna on Saturday, but did not come to specific terms, agreeing only to meet again before a scheduled regular OPEC meeting on November 30. On Friday, talks in Vienna between OPEC members sputtered following objections from Iran, which has been reluctant to even freeze its output. According to a report, reservations over OPEC's ability to reach an agreement to limit output prompted analysts to leave their price outlook broadly unchanged.
Copper futures ended higher on Monday after China’s economy stabilized in the third quarter, expanding 6.7% from a year earlier, bolstered the outlook for commodities demand. Further, recent string of positive US economic data too added support to copper prices’ uptrend.
Technical Level
Gold
Support at 30000 and Resistance at 30300---30550
Above 29880... Target intact 30300---30550 mark. Further upside rally will see only close above 30550 else it could test its support level of 30000 again
Further downside panic will see only close below 30000 mark.
So be cautious at upper levels... Trade with levels only
Silver
Clearly indicated that above 42700 will see rally till 43300---43700 and then to 44500. Just made a high of 43224
Above 42700... Rally remain continue. Support and stop loss below 42400
Crude oil
Crashed and made a low of 3124. We are holding short from 3390 mark.
Now what to expect???
Support at 3120 and resistance at 3200---3260
Below 3120 will take it to 3070---3025 else it could test its resistance level of 3200 again.
Fresh buying can initiate only close above 3260 mark.
Trade with levels only
Copper
Support at 324 and resistance at 329
Looks positive …… Above 329 will take it to 333---337+ mark else could test its support level of 324.
Fresh selling only below 324.00
Today's close is important for base metal for further directions. Be cautious at upper levels. Anything seems will update
Major Economic Data Updates
07:30 P.M ISM Manufacturing PMI m/m: Previous 51.5 Forecast 51.8, Actual –??
Impact – Increase in Manufacturing PMI – will have negative impact bullion and positive impact on base metals and dollar index or vice – versa
