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Market Outlook:

Gold closed lower on Wednesday with overall strength in the U.S. dollar and prospects for higher U.S. interest rates putting pressure on prices before the Federal Reserve meeting and U.S. elections next month. Silver closed lower as participants engaged in trimming their positions taking weak cues from global market. Base Metals were mixed with Zinc trading lower amid sluggish physical demand from consuming industries at the domestic spot markets. Oil fell for a third day, pressured by the possibility that the OPEC plan to curb output will fail after Iraq signaled unwillingness to take part in the proposed deal.

comdex

Fundamental News:

1). Gold futures pulled back from their highest levels in three weeks on Wednesday, with overall strength in the U.S. dollar and prospects for higher U.S. interest rates putting pressure on prices before the Federal Reserve meeting and U.S. elections next month.

2). Oil prices recovered most of their early losses on Wednesday, with Brent returning to above $50 a barrel, after the U.S. government reported a draw down in domestic crude stocks that extended a trend of unexpected inventory declines this autumn.

imp-data

gold

Gold showed sideways movement and found the important 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 29700 will act as vital support level.

silver

Silver showed bullish movement and found the important resistance level of 42600. Now if it will maintain below its support level of 41800 then 41500 will act as next support level. On the other hand 42600 will act as important resistance level.

crude

Crude showed bearish movement and found the important support level of 3275. Now if price breaches the key support level of 3275 then 3200 will act as next support level. On the other hand 3400 will act as important resistance level.

copper

Copper showed bullish movement and found the important resistance level of 318. Now if it will break the support level of 315 then 313 will act as next support level. On the other hand 320 will act as a major resistance level.

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