Gold futures after snapping the last week on the lowest levels in nine months were trading higher in Asian trade on Monday, as investors focused on the recent declines as an opportunity to buy. The precious metal’s further gains were however capped by bets that a rate hike by the Fed in December is a near certainty.
Crude oil futures suffered sharp decline on Friday, on uncertainty about whether the members of OPEC will be able to agree on a cut in production at a meeting next week after top OPEC oil exporter Saudi Arabia has told the producer group it will not attend talks on Monday with non-OPEC producers to discuss limiting supply Expectations for a sizable production cut from OPEC have been building, with Saudi Arabia backing an effort to cut output by over 1 million barrels to 32.5 million barrels a day. Sentiments were also weighed down by weak economic data, the Commerce Department released a report showing that the trade deficit in goods widened much more than expected in October. The report said the goods deficit widened to $62.0 billion in October from $56.5 billion in September.
Copper prices have benefited in recent weeks from upbeat economic data and infrastructure plans in China and the U.S., which could help reignite demand for copper. While China import data showed weak copper imports in October, recent sentiment that consumption is ripe for a turnaround helped keep prices supported on Friday.
Technical Level
Gold
Support at 28550 and resistance at 28900
It looks weak and could test its support. Further downside panic will see only close below 28550.
Close below 28550 will take to 28200---28050 and then to 27800
Else it could test its resistance level of 28900 again.
Further upside rally will see only close above 28900
Traders remain cautious in Gold at upper levels... Any thing seems will update
Silver
Support at 40550 and resistance at 41300---41700
Above 41300 will take to 41550---41700 mark. Further upside rally will see only close above 41700 mark else it could test its support level of 40550 again
Fresh selling will do only below 40550 mark
Trade with levels only
Crude oil
Support at 3130 and resistance at 3210
Break and sustain below 3130 will take it to 3080--3030 mark else could test its resistance level of 3210 again
Fresh buying only above close 3210 mark
Trade with levels only
Copper
Support at 403---398 and resistance at 415---422
