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Gold Prices Edging Higher and Other MCX News

Market Outlook

Gold prices edged higher on Tuesday but stayed within sight of the prior session’s two-week lows as markets continued to grapple with uncertainty over who will become the next Federal Reserve chief and how that will influence the outlook for interest rates. Comex gold futures tacked on $2.30, or around 0.2%, to $1,283.26 a troy ounce by 2:35AM ET (0635GMT) after touching its worst level since Oct. 6 at $1,273.60 in the last session. Crude oil prices held steady on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products.  Brent crude futures, the benchmark for oil prices outside the U.S., was stable at $57.41 a barrel.

Fundamental News

“There is an upside for copper prices possibly up till early November as the upcoming industry conferences are fuelling positive sentiment,” a Beijing-based metals analyst said. LME Week kicks off in London next week while Cisco Asia Copper Week takes place in Shanghai at the end of November. For the rest of the session, prices look set to focus on the macroeconomic data flow, with a run of flash purchasing managers’ index (PMI) figures out across much of Europe and the USA.

Gold showed sideways movement and found the support level of 29430 and upside it took resistance level of 29600. Now if price sustains below 29250 then 29130 will act as a next support level and upside 29715 will act as a next resistance level.

Silver showed sideways to bullish movement and found the major support level of 39600. Now if price sustains on a lower level then it will test next support level of 39300. On another side, 40100 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major support level of 3360. Now if price sustains on a lower level then it will test next support level of 3328. On another side, 3445 will be major resistance level.

Copper gave some positive movement but it was not showed strength on a higher level. Now for upcoming session price sustains on lower side then 458 will act as a major support level and upward side it has a major resistance level of 466.

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