Accurate Analysis of MCX Market

Market Outlook

Gold prices rose to their highest level in around a year on Tuesday, as demand for safe-haven assets remained strong in the wake of North Korea’s most powerful nuclear test to date. Geopolitical risks tend to boost demand for safe havens such as gold, which is considered a good store of value during volatility in other markets. Oil prices ticked higher on Tuesday, as demand picked up and U.S. refineries started to resume operations. Gasoline futures meanwhile continued to fall as initial fears of a serious supply crunch faded. Oil refineries, pipelines and shipping channels across Texas and Louisiana began a gradual return of operations after storm system Harvey made landfall in the heart of the U.S. energy industry more than a week ago.

Fundamental News

Demand for the safe-haven metal was boosted after North Korea said on Sunday that it had conducted a test of a hydrogen bomb intended to be mounted on an intercontinental ballistic missile.

In international oil markets, Brent crude futures dipped 13 cents to $52.21 a barrel as traders pulled money out of oil – seen as a riskier asset – and instead poured it into gold, an investor safe-haven, following North Korea’s most powerful nuclear test to date.

Gold showed sideways to bullish movement and found the important resistance level of 30225. Now if it will close above the important resistance level of 30300 then 30500 will act as next resistance level. On the other hand 30000 will act as a major support level.

Silver showed sideways to bullish movement and found the important resistance level of 41650. Now if it will close above the important resistance level of 41700 then 42500 will act as next resistance level. On the other hand 40700 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 3142. Now if it will close above the important resistance level of 3150 then 3200 will act as next resistance level. On the other hand 3050 will act as a major support level.

Copper showed bearish movement and found the important support level of 442.80. If prices sustain below 440 level in next trading session then this momentum can take prices to 435 level. If it breaks the resistance level of 451.50 then 455 will act as next resistance level.

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