Bullion closed higher on Tuesday as strength in the British pound helped the U.S. dollar ease back from recent highs and participants raised their bets amid firming global trends. The overall trend still looks to be down on higher chances of a December rate hike. Base metals are mostly higher on the LME after ending weaker yesterday as Chinese data provided some succor to prices. Crude closed higher after the API reported a 3.8 million-barrel decline in U.S. crude supplies for the week ended Oct. 14. Oil prices remain above $50 owing to a surprise drop in US inventories and weaker dollar also supported on the downside.
1). Gold prices rose for a second day on Tuesday, supported by a weaker US dollar amid uncertainty over when the US Federal Reserve will raise interest rates.
2). Oil futures stayed within recent range on Tuesday (18 October), alternating between modest intraday gains and declines for much of the Asian and European trading sessions, as latest data from Saudi Arabia pointed to lower crude production.
Gold showed bullish 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 29500 will act as vital support level.
Silver showed bullish movement and found the important resistance level of 42370. Now if it will maintain above its resistance level of 42400 then 43000 will act as next resistance level. On the other hand 41750 will act as important support level.
Crude oil showed sideways to bullish movement. Now if it will maintain above 3380 then 3420 will be next resistance level. On the other hand 3300 will act as important support level.
Copper showed bearish movement and found the important support of 312.40. Now if it will break the support level of 312 then 310 will act as next support level. On the other hand 317 will act as a major resistance level.
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