Gold futures ended lower on Monday, posting their biggest one-day drop in five weeks, as the dollar and stocks rallied on news that the Federal Bureau of Investigation (FBI) said it won’t bring charges against Hillary Clinton of wrong-doing after further investigation of her email practices. It is widely expected that establishment candidate Clinton will now defeat protectionist outsider Donald Trump in tomorrow's election, delighting markets worldwide.
Crude oil futures stabilized on Monday and moved a bit higher after witnessing significant losses last week, as markets rallied on expectations Hillary Clinton will win a close election against Donald Trump. Also, OPEC reaffirmed its commitment to cutting output.
OPEC secretary-general Mohammed Barkindo said on Monday the cartel is committed to a planned cut in output to 32.5-33 million barrels per day to address a supply glut. Though, major gains were capped with traders remaining skeptical about production cut, as a number of key producers say they should be exempt. Iran is arguing they should be free to pump oil after years of crippling sanctions.
OPEC secretary-general Mohammed Barkindo said on Monday the cartel is committed to a planned cut in output to 32.5-33 million barrels per day to address a supply glut. Though, major gains were capped with traders remaining skeptical about production cut, as a number of key producers say they should be exempt. Iran is arguing they should be free to pump oil after years of crippling sanctions.
Copper futures were trading higher on MCX due to improved demand in the spot market. Further, speculators created fresh positions driven by firming trend in the global markets on hopes that Hillary Clinton will beat Donald Trump to win today's presidential election in the United States. Increasing optimism about improved economic activity in China also supported the copper prices. Considering that China is the largest copper consumer, the strength of China’s economy impacts copper’s demand and price trends.
Technical Level
Gold
Support at 30000 and resistance at 30300---30450
Break and sustain below 30000 will take it to 29900—29750 else it could test its resistance level of 30300---30450 again.
Further upside rally will see only close below 30450 mark
Trade with levels only
Silver
Unable to break its support level of 42600 and bounced back.
Now what to expect??
Support at 42600 and resistance at 43600.
Either side break or close with volume will decide further. Till then trade with levels only and wait for confirmation.
Crude oil
Support at 2950 and resistance at 3030
Close above 3030 will take it to 3070—3120 else it could test it support level of 2950 again
Fresh selling can initiate only below 2950 mark
Trade with levels only
Major Economic Data Updates
All Day - US President Election
All Day - Congressional Elections
08:30 P.M JOLTS Job Openings– Previous 5.44M Forecast 5.67M Actual –??
Impact – Increase in JOLTS Job Openings – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
