Gold was flat as dollar stabilized after falls in previous session as investors turned their attention to upcoming U.S. economic reports and Wednesday’s OPEC meeting. Investors were waiting on raft of U.S. data, including a second look at third quarter growth later in the day, ISM manufacturing data on Thursday and Friday’s nonfarm payrolls report for November. Base metals traded lower as political risk resurfaced in Europe. Oil prices fell as market jitters over whether producer cartel OPEC would be able to hammer out meaningful output cut during meeting on Wednesday.
Gold prices fell on Tuesday due to expectations of rising U.S. interest rates, a stronger dollar and improving sentiment for global economic growth, which mean investors are likely to favour risk assets such as equities.
Crude-oil futures dropped Tuesday on growing doubts that the world’s biggest oil producers would reach a deal to cut global output.
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 40850. 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 bearish movement and found the important support of 3090. Now if it breaks 3090 then next support level is seen around 3040. On the other hand 3200 will act as a major resistance level; if it breaks the prices could visit 3300 level.
Copper showed sideways to bearish movement and found the important support level of 389. Now if it will break the resistance level of 397 then 405 will act as next resistance level. On the other hand 387 will act as a major support level.
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