Commodities witnessed a massive movement after the outcome of US election and Government announcement of banning legal tender of Rs.500 and Rs. 1000 currency notes. Yesterday gold closed lower while silver as up. Bullion gave a gap up opening while base metals and energy witnessed massive gap down opening. Bullion may continue to go up while other commodities may go down. Yesterday crude closed higher after the American Petroleum Institute reported a 4.4 million-barrel rise in U.S. crude supplies for the week ended Nov. 4. Base metals were mixed.
Fundamental News: Gold futures flipped between small losses and gains Tuesday, a day after suffering their sharpest one-day percentage loss in about five weeks, with traders showing caution ahead of the outcome of the U.S. presidential election. Price of copper and nickel strengthened by up to Rs 3 per kg at the non-ferrous metal market today on increased stockists buying following upsurge in demand from consuming industries amid a firm global trend.
Gold showed sideways movement and found the important support level of 29700. Now if it will close above the important resistance level of 30100 then 30500 will act as next resistance level. On lower side 29700 will act as vital support level.
Silver showed sideways movement and found the important support level of 42850. Now if it will close above the important resistance level of 43700 then 44300 will act as next resistance level. On lower side 42500 will act as vital support level.
Crude showed bearish movement and found the important support of 2950. Now if it will break the next support level of 2900 then 2850 will act as next key support level. On the other hand 3025 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 350. Now if it will break the resistance level of 350 then 355 will act as next support level. On the other hand 345 will act as a major support level.
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