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COMMODITY MARKET UPDATE -
# Gold rose aided by a softer U.S. dollar and U.S. election jitters.
# Silver rose as uncertainty surrounding the US presidential election and Middle East tensions continued to drive safe-haven demand.
# Crude oil dropped as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities.
# Natural gas gains amid drop in output and forecasts for slightly cooler weather and a little more heating demand.
# Copper gains on revived hope for large fiscal stimulus in China
# Zinc prices retreated after stocks in LME registered rose for a third consecutive day
# Aluminium slipped amid signs of resilience in the US economy tempered expectations for aggressive Fed interest rate cuts.
MCXBULLDEX - 19845
Resistance: 19908-19972-20079
Support: 19737-19630-19566
GOLD - 79233
Resistance: 79470-79700-80120
Support: 78820-78400-78170
SILVER - 98730
Resistance: 99620-100505-101680
Support: 97560-96385-95500
GOLD$ - 2775.13
Resistance: 2788.18-2800.07-2811.27
Support: 2752.11-2727.93-2716.73
SILVER$ - 34.4462
Resistance: 34.82-35.18-35.4
Support: 33.85-33.24-33.02
CRUDEOIL - 5668
Resistance: 5752-5835-5897
Support: 5607-5545-5462
NATURALGAS - 241.5
Resistance: 244.8-248-252.7
Support: 236.9-232.2-229
CRUDEOIL$ - 67.46
Resistance: 68.41-69.36-80.56
Support: 66.62-65.78-54.58
NATURALGAS$ - 2.891
Resistance: 2.936-2.98-3.2
Support: 2.821-2.75-2.53
COPPER - 845.2
Resistance: 851.2-857.3-865.9
Support: 836.5-827.9-821.8
ZINC - 288.95
Resistance: 292.9-296.8-299.9
Support: 285.9-282.8-278.9
ALUMINIUM - 242.1
Resistance: 244.2-246.2-247.8
Support: 240.6-239-237
LEAD - 180.05
Resistance: 180.8-181.6-182.4
Support: 179.2-178.4-177.6
*GLOBAL MARKET INSIGHTS*
Global cues are neutral to positive
- Crude oil prices plummet further, down 5%
- US markets inched up ahead of heavy weight earnings, but smaller companies performed better
- However, indices could not hold day's highest level
- Bond yields continued to creep higher as market has started discounting Trump's victory
- Dow +273, S&P500 +15, Nasdaq +49, Russell2K +36
- Brent oil $71.85
- US 10Y bond yield at 4.268%
- Dollar Index 104.26
- Gold at $2758
- Markets waiting for peak Q3 earnings this week
- Almost 169 companies of S&P500 to report over the next few days including Alphabet (Wed), Meta and Microsoft (Thu), Apple and Amazon (Fri)
- Market is also waiting this week PCE Price Index data on Thursday
- Early next week US prez elections will be held (Nov 5.)
COMMODITY MARKET UPDATE -
# Gold steadied on signs of strength in the US economy
# Silver gains as dollar index edged lower as traders brace for a busy week of data
# Crude oil tumbled after Israel's retaliatory strikes on Iran avoided the country's crude facilities and nuclear infrastructure
# Natural gas dropped on forecasts for mild weather through at least mid-November, less demand next week.
# Copper steadied amid caution prevailed amid conflicting signals on demand and ahead of a key meeting in China and the U.S. election.
# Zinc prices gains amid concerns of supply shortages.
# Aluminium slipped amid signs of resilience in the US economy tempered expectations for aggressive Fed interest rate cuts.
