Precious metals are rebounding sharply with both gold and silver up more than a percent as the dollar weakened. The US GDP and payrolls data this week will give further cues. The Italian referendum will also be key for gold’s direction US data continues to exhibit strength which is increasing odds for a faster rate hike cycle by the Fed. Base metals continue their rally from recent weeks on hopes of a demand pickup China’s industrial sector profit growth picked up in October, aided by stronger sales and higher prices. Oil prices gained around 2% yesterday and are largely expected to trade choppy ahead of the OPEC decision this week.
Gold futures sprang higher Monday, with a pullback in the U.S. dollar and a decline in the stock market helping the precious metal regain strength after hitting lows last seen in February.
Oil prices rose on Monday in volatile trading, recouping losses as the market reacted to the shaky prospect of major producers being able to agree to output cuts at a meeting on Wednesday.
Gold showed sideways movement and found the important support level of 28600. Now if it will close below the important support level of 28600 then 28300 will act as next support level. On higher side 28900 will act as vital resistance level.
Silver showed bullish movement and found the important resistance level of 41300. Now if it will close above the important resistance level of 41500 then 42000 will act as next resistance level. On lower side 40300 will act as vital support level.
Crude showed bullish movement and found the important resistance of 3280. Now if it breaks 3200 then next support level is seen around 3125. On the other hand 3300 will act as a major resistance level; if it breaks the prices could visit 3350 level.
Copper showed sideways to bearish movement and found the important support level of 400. Now if it will break the resistance level of 410 then 415 will act as next resistance level. On the other hand 397 will act as a major support level.
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