Gold closed higher on Monday pared much of their earlier losses on Monday following their biggest weekly lashing in over three years. Silver closed lower as participants engaged in trimming their positions taking weak cues from global market. Base metals were higher due strong trend in international market. Prices can continue to go up. Crude traded lower as traders continued to cast doubts on the odds of a production cut later this month by the Organization of the Petroleum Exporting Countries. Prices may trade higher today as expectations of falling shale output and renewed optimism that OPEC will deliver on touted production cuts.
1). Gold dropped to a near six-month low on Monday as the post elections slump continues and financial markets try to make sense of what a Donald Trump presidency may mean for interest rates, economic growth and inflation.
2). Oil prices fell to their lowest in three months on Monday, as the prospect of another year of oversupply and weak prices overshadowed chances that OPEC will reach a deal to cut output.
Gold showed sideways to bearish movement and found the important support level of 29250. Now if it will close below the important support level of 29200 then 28900 will act as next support level. On higher side 29800 will act as vital resistance level.
Silver showed sideways movement and found the important support level of 40500. Now if it will close above the important resistance level of 42000 then 43000 will act as next resistance level. On lower side 40000 will act as vital support level.
Crude showed bearish movement and found the important support of 2900. Now if it will break the next support level of 2900 then 2850 will act as next key support level. On the other hand 2975 will act as a major resistance level, if it breaks the prices could visit 3050 level.
Copper showed choppy movement and found the important resistance level of 385. Now if it will break the resistance level of 385 then 395 will act as next resistance level. On the other hand 370 will act as a major support level.
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