Gold Market and Other MCX News

Market Outlook

Gold prices slipped to their lowest level in around eight weeks on Tuesday, as growing optimism over the health of the U.S. economy and increasing expectations of a Federal Reserve rate hike in December boosted the dollar and Treasury yields. Oil edged lower on Tuesday, as speculators took profits on some large positions that have built up in the last couple of weeks, but the prospect of gradually ebbing oversupply lent support. The base metals are a mixture of strength, weakness, and consolidation. Zinc and lead extended gains and look well placed to work higher although the new high ground is likely to encourage scale-up selling.

Fundamental News

Gold futures made a weak start to the month added to losses from the previous week as investors continued to unwind their bullish bets on gold after upbeat manufacturing data pointed to underlying strength in the U.S. economy.

Crude prices fell to the lowest settlement in more than a week on Monday as a rise in U.S. drilling and higher OPEC output put the brakes on a rally that helped prices notch their biggest third-quarter gain in 13 years.

Gold showed bearish movement and found the important support level of 29490. Now if it will close below the important support level of 29450 then 29250 will act as next support level. On the other hand, 30000 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 39255. Now if it will close below the important support level of 39250 then 38700 will act as next support level. On the other hand, 40000 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 3295. Now if it will close below the important support level of 3290 then 3250 will act as next support level. On the other hand, 3370 will act as a major resistance level.

Copper showed bullish movement and found the important resistance level of 431.85. Now if it will close above the important resistance level of 432 then 435 will act as next resistance level. On the other hand, 420 will act as a major support level.

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