Gold closed higher yesterday as the highflying dollar cooled its advance. Base metals traded higher with Copper prices jumping more than 2%, leading a broad rally in industrial metals, amid prospects for better demand in top consumer China and smaller growth in supply. Oil prices rose to a three-week, adding to last week’s strong gains on growing expectations that global oil producers will find a way to cap output at a meeting scheduled for the end of this month.
Gold rose on Tuesday, climbing further away from last week’s 5- 1/2-month lows on short-covering as the dollar weakened and physical buying in Asia supported prices.
Crude oil prices shot higher following encouraging comments about implementation of an OPEC supply cut accord unveiled in September. Cartel members have struggled to reach agreement on output cut quotas due to be unveiled at a meeting on November 30.
Gold showed sideways to bearish movement and found the important support level of 29000. Now if it will close below the important support level of 29000 then 28800 will act as next support level. On higher side 29250 will act as vital resistance level.
Silver showed sideways movement and found the important support level of 40400. Now if it will close above the important resistance level of 41000 then 42000 will act as next resistance level. On lower side 40000 will act as vital support level.
Crude showed bullish movement and found the important resistance of 3360. Now if it will break the 3300 then next resistance level is seen around 3360. On the other hand 3230 will act as a major support level; if it breaks the prices could visit 3150 level.
Copper showed sideways to bullish movement and found the important resistance level of 387. Now if it will break the resistance level of 385 then 390 will act as next resistance level. On the other hand 380 will act as a major support level.
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