Gold
Gold on MCX settled up 1.12% at 30285 as concerns over the outcome of the U.S. election sparked losses in stocks and the dollar, prompting investors to seek out precious metals as a haven from risk. Markets were rattled by news last Friday that the FBI is planning to review more emails related to Democratic presidential candidate Hillary Clinton's private server, just over a week before the election.
Technically market is under fresh buying as market has witnessed gain in open interest by 1.78% to settled at 6969 while prices up 335 rupee, now Gold is getting support at 30086 and below same could see a test of 29886 level, And resistance is now likely to be seen at 30400, a move above could see prices testing 30514.
Silver
Silver on MCX settled up 2.76% at 43573 as the dollar retreated ahead of a Federal Reserve meeting this week, and as concerns over the outcome of the upcoming U.S. elections underpinned prices after last month's fall. The announcement of an FBI investigation into Hillary Clinton's use of a private email server during her time as Secretary of State has pressured stocks this week, lifting gold. The metal often acts as a haven from risk in other markets.
Technically market is under short covering as market has witnessed drop in open interest by -9.88% to settled at 13773 while prices up 1171 rupee, now Silver is getting support at 42798 and below same could see a test of 42023 level, And resistance is now likely to be seen at 44044, a move above could see prices testing 44515.
Crudeoil
Crudeoil on MCX settled down -1.52% at 3105 weighed down by record output from the world's largest exporters, and mounting uncertainty that OPEC and its rivals can do much to tackle a two-year global surplus. Oil prices hit their highest in a year in October after the Organization of the Petroleum Exporting Countries said at a meeting in Algeria in late September it had agreed to limit production that is around record highs to help erode the surplus. But a growing number of countries that say they are either unwilling, or unable to cut, has cast doubt on the group's ability to reach an effective deal when it meets on Nov. 30. Still,
Technically market is under fresh selling as market has witnessed gain in open interest by 11.79% to settled at 17681 while prices down -48 rupee, now Crudeoil is getting support at 3079 and below same could see a test of 3052 level, And resistance is now likely to be seen at 3150, a move above could see prices testing 3194.
Copper
Copper on MCX settled up 1.01% at 329.35 supported by an improved demand outlook in China. A higher cost of production following a rally in coal prices was underpinning base metals. Activity in China's manufacturing sector expanded at a faster pace than expected in October, two separate surveys showed, adding to views the world's second-largest economy is stabilizing. China's official manufacturing purchasing managers index increased to 51.2 in October from September's 50.4, the National Bureau of Statistics said. The private Caixin survey also hit 51.2, showing the fastest rate of improvement since March 2011.
Technically market is under short covering as market has witnessed drop in open interest by -7.23% to settled at 25261 while prices up 3.3 rupee, now Copper is getting support at 326.5 and below same could see a test of 323.6 level, And resistance is now likely to be seen at 331.1, a move above could see prices testing 332.8.
Zinc
Zinc on MCX settled up 0.46% at 164.65 as expectations for tight supply supported interest in the metal. Trading conditions were thinned by the absence of many traders for the London Metal Exchange's LME Week gathering in London. Zinc, widely used in alloys, rallied on Monday after Glencore said it had shuttered its Black Star mine in Queensland.
Technically market is under fresh buying as market has witnessed gain in open interest by 1.97% to settled at 16291 while prices up 0.75 rupee, now Zinc is getting support at 163.2 and below same could see a test of 161.7 level, And resistance is now likely to be seen at 165.9, a move above could see prices testing 167.1.
Nickel
Nickel prices settled flat as upside seen limited as LME prices dropped lower by 0.7 percent to 10410$ a tonne. Trading conditions were thinned by the absence of many traders for the London Metal Exchange Week gathering. Asia's largest economies posted strong factory activity in October, though poor showings in Korea and Southeast Asia and a weaker inflation outlook from the Bank of Japan kept market reaction muted. China's official Purchasing Managers'
Aluminium
Aluminium on MCX settled down -0.34% at 115.55 on profit booking after prices gained after the market factored in rising costs of production due to higher energy and raw material prices in top producer China. Aluminium has recovered impressively due to the increase in smelter costs from higher energy prices, which are tied to coal prices.
Technically market is under fresh selling as market has witnessed gain in open interest by 2.69% to settled at 6650 while prices down -0.4 rupee, now Aluminium is getting support at 114.9 and below same could see a test of 114.1 level, And resistance is now likely to be seen at 116.3, a move above could see prices testing 116.9.
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