Gold futures edged lower on Monday as the US dollar and stocks strengthened after the Federal Bureau of Investigation said it stood by its earlier finding that no criminal charges were warranted against US presidential candidate Clinton. The yellow metal weakened further on reports showing that US employers have maintained a strong pace of hiring and have boosted wages for workers, which could effectively seal the case for a December interest rate increase from the Federal Reserve.
Crude oil futures continued their decline on Friday, making it the worst weekly settlement since September 20, as prices were down 9.5% last week. The commodity also remained under pressure amid growing skepticism over the implementation of a planned deal by OPEC to limit production. There were reports that OPEC may not finalize an agreement to curb supplies until the end of the month, and reports indicate Iran is unwilling to commit to any quotas. Iraq, Iran, Nigeria and Libya all signalled they might not take part in the proposed production cut deal. Also, Baker Hughes reported a 12-site increase in the oil and gas rig count, bringing the total number of active rigs to 569.
Copper futures traded marginally lower on Monday on a stronger US dollar after the Federal Bureau of Investigation said it stood by its earlier recommendation that no criminal charges were warranted against Democrat Hillary Clinton.
Technical Level
Gold
Support at 30200 and resistance at 30550
Break and sustain below 30200 will take it to 29900—29650 else it could test its resistance level of 30550 again.
Further upside rally will see only close above 30550 mark
Trade with levels only
Silver
Support at 42600 and resistance at 43600.
Break and sustain below 42600 will see sharp downside else it could test its resistance level of 43600 again.
Further upside will see only close above 43600 mark.
Trade with levels only
Crude oil
Support at 2960 and resistance at 3030
Close below 2960 will take it to 2920---2860 else could test it resistance level of 3030.
Fresh buying only above 3030
Trade with levels only
Natural Gas
Looks positive ……..above 190 it can touch 198---200 and then to 210+ mark in days to come
Selling can be initiated only close below 183.00 mark.
Copper
We recommended buying in copper around 332 it flared and made high 341.40
Now what to expect??
Support at 336 and resistance 342
Break and sustain above 342 will see further upside rally till 248---251 else could test its support level of 336.
Fresh selling can initiate only below 336.00 mark
Trade with levels only
More will update soon!!
