Gold closed higher yesterday as the U.S. dollar pulled back from a two-week high touched in wake of Donald Trump’s election victory. Silver closed higher after participants raised their bets amid firming global trends. Base metals were mostly up due to strong global cues. Crude oil closed lower as a monthly report from the IEA showed that crude output from the OPEC rose to a record level in October, ahead of the group’s meeting Nov. 30 to hash out details of a plan to cut back on output.
Gold futures headed lower Thursday, extending their post election losses as gains in the U.S. dollar offset support from investor interest in the metal in the wake of Republican Donald Trump’s stunning victory against Democratic rival Hillary Clinton on Tuesday.
Oil prices slipped on Thursday as markets recovered from shock at U.S. President-elect Donald Trump’s surprise victory and focused on global oversupply as well whether OPEC will decide to cut production later this month.
Gold showed sideways movement and found the important support level of 29700. Now if it will close below the important support level of 29700 then 29300 will act as next support level. On higher side 30500 will act as vital resistance level.
Silver showed sideways movement and found the important support level of 43500. Now if it will close above the important resistance level of 44200 then 45000 will act as next resistance level. On lower side 43250 will act as vital support level.
Crude showed bearish movement and found the important support of 2975. Now if it will break the next support level of 2950 then 2900 will act as next key support level. On the other hand 3060 will act as a major resistance level, if it breaks the prices could visit 3100 level.
Copper showed bullish movement and found the important resistance level of 380. Now if it will break the resistance level of 380 then 385 will act as next resistance level. On the other hand 370 will act as a major support level.
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