Bullion closed higher on Monday after a survey showed that US consumer confidence unexpectedly fell to a one-year low in October amid a contentious presidential campaign. Bullion remained under pressure during the day as the dollar rose after U.S. economic data came in within analysts’ expectations. Crude oil closed lower as an increase in the number of rigs actively drilling for oil in the U.S. and rising crude output from major producers pushed prices in to lower levels. Ahead this week, the market will watch for the weekly U.S. crude inventories and production data to be released on Wednesday.
Gold futures traded little-changed Monday as traders looked to coming U.S. economic data, comments from various Federal Reserve speakers and a meeting of the European Central Bank later this week for clues on monetary policy.
Oil futures were trading lower Monday as an increase in the number of rigs actively drilling for oil in the U.S. and rising crude output from major producers pushed prices in New York back below the $50-a-barrel level.
Gold showed sideways movement and near to its resistance level of 29900. Now if it will close above the important resistance level of 30000 then 30400 will act as next resistance level. On lower side 29500 will act as vital support level.
Silver showed sideways movement in today’s and near to its resistance level of 42000. Now if it will maintain above its resistance level of 42400 then 43000 will act as next resistance level. On the other hand 41750 will act as important support level.
Crude oil showed bearish movement. Now if it will maintain above 3380 then 3420 will be next resistance level. On the other hand 3300 will act as important support level.
Copper showed sideways to bullish movement and found the important resistance of 316. Now if it will break the support level of 312 then 310 will act as next support level. On the other hand 317 will act as a major resistance level.
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