MCX Gold opened on a lower note than previous session and sustained at lower levels. The trend may remain weak for the bullion till it sustains below 38000. Near support so seen is of 37600 whereas 38100 may act as key resistance for it. MCX Crude opened higher than previous close and rebounded from deeper supports. Now, on higher levels, 4100 is seen as strong resistance whereas 3950 may act as strong support from current levels. MCX Copper opened higher but could not give decisive breakout with bullish momentum which is seen above the near resistance of 435. On lower side, if it sustains below 432 then it may drag towards the lows of 430.
Gold prices fell on Monday as investors turned to riskier assets on signs of economic growth following reports of an expanding Chinese factory sector and a rising dollar reduced demand.
Oil prices rose more than 1% on Monday as signs of rising manufacturing activity in China pointed to increasing fuel demand, and hints that OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year.
Gold showed bullish movement and major support around level of 37700. Now if price sustains on lower level then it will test next support level of 37500. 38100 will be major resistance level.
Silver showed bullish movement and major support around level of 43900. Now if price sustains on lower level then it will test next support level of 43600. On other side 45000 will be major resistance level.
Crude oil showed bearish movement and major support level of 4000. Now if price sustains on lower level then it will test next support level of 3900. On other side 4100 will be major resistance level.
Copper showed bearish movement and found major resistance around level of 435. Now if price sustain on lower level then support level will be 430. And 437 will be major resistance level.
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