November Copper prices can initially move higher towards Rs.428.0-428.5 but again prices will see selling pressure at this level. Prices should not move above Rs430.0 to remain weak for the day. On lower side prices can have support at Rs.422.0.
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Gold prices have strong support at $1240 i.e. Rs.27000 and if prices hold this level then bounce can be seen. On higher side prices needs to clear $1258 i.e. Rs.27500 to move further higher else prices can again come down. Prices should not close below $1240 i.e. Rs.27000 to maintain corrective view.
Silver December prices have stiff resistance at Rs.42500 and only a breakout above this level can take prices higher towards Rs.42900-43000 else prices can trade sideways to lower. On lower side prices have support at Rs.41600 and further selling can be seen below this level.
Gold hovered near its lowest in three months on Tuesday after sharp overnight losses as the dollar traded at 14-month highs against a basket of major currencies, dimming the metal's appeal as a currency hedge.
FUNDAMENTALS
Spot gold was little changed at USD 1,255.20 an ounce by 0028 GMT. The metal closed down 1 percent on Monday, after earlier hitting USD 1,251.24 - its lowest since June.
The dollar was boosted after a Federal Reserve study on interest rates and as the sterling was pressured amid ongoing jitters that Scotland could vote to secede from the United Kingdom.
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November Copper prices are expected to have intraday support at Rs.427.0 and on higher side prices have crucial trend line resistance at Rs.433.0. Prices can trade sideways to higher as far as prices are holding support of Rs.424.5.
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Gold prices are expected to have resistance at $1260 i.e. Rs.27300-27330 around in MCX and selling can be seen there. Prices on lower side can extend fall towards $1240 i.e. Rs.26850. Prices should not move above $1266 i.e. Rs.27500 to maintain negative outlook for the day.
Silver December prices are expected to have resistance at Rs.42000-42150 and selling can be seen there. Price on lower side can test Rs.41600 and 41400. Prices should not move above Rs.42400 to maintain negative outlook for the day.
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