Gold prices edged up after the weak U.S. data, but increasing probability of U.S. interest rate hike and a firm U.S. dollar kept prices range-bound. Silver closed higher yesterday after participants raised their bets amid firming global trends. Base Metals were trading higher with Shanghai zinc surge to highest. Industrial metal prices also drew support from factory surveys in the U.S. and Europe that boasted the best readings of the year so far with metals rallying 1-2% and copper striking its highest since mid-month. Oil closed flat ahead of release of U.S. crude inventory data which in recent weeks has provided bullish surprises.
1). Gold prices added to overnight gains during North America’s session on Tuesday, as market players looked ahead to more U.S. economic data for clues on the likelihood of a December rate hike.
2). U.S. natural gas futures plunged to the lowest level in almost seven weeks on Tuesday, as forecasts showing unseasonably warm temperatures across the U.S. Midwest in the days ahead dampened demand expectations for the heating fuel.
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 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 showed bearish movement and found the important support level of 3330. Now if price breaches the key support level of 3300 then 3250 will act as next support level. On the other hand 3430 will act as important resistance level.
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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