Catch-All Essential Movement of Mcx Market

Market Outlook

MCX Gold opened on record highs after the Iran attck on US missiles in Iraq. It resisted strongly near 41000 mark and if the tensions between the two continue then it will sustain near highs whereas any correction may find support in the range of 40500-40000. MCX Crude too opened gap up due to the same news and 4550 acted as good resistance for the counter. Now, 4600 is seen as key resistance while 4450 is seen as major support. MCX Copper hovered near 450 levels for most part of the session sustaining above this in coming session may find the level of 455 as strong resistance while correction is likey to be seen towards the support of 447.

Fundamental News

Gold soared as much as 2% on Wednesday to vault over the $1,600 ceiling for the first time in nearly seven years, as investors flocked to safe havens, after Iran launched retaliatory missile strikes against U.S. forces in Iraq. Iran launched a missile attack on U.S.-led forces in Iraq in the early hours of Wednesday. Oil prices jumped to their highest in months on Wednesday after Iran attacked American forces in Iraq in response to a U.S. strike that killed an Iranian general last week, raising the spectre of a spiralling conflict and disrupted oil supplies.

GOLD

Gold showed bearish movement and major support around level of 39900. Now if price maintains on higher level then it will test next resistance level of 40800. On other side 39500 will be major support level.

SILVER

Silver showed bearish movement and major support around level of 47000. Now if price maintains on higher level then it will test next resistance level of 48500. On other side 46500 will be major support level.

CRUDE

Crude oil showed bearish movement and major support level of 4265. Now if price sustains on lower level then it will test next support level of 4100. On other side 4400 will be major resistance level.

COPPER

Copper showed bullish movement and found major resistance around level of 451.75. Now if price sustain on lower level then next support level will be 445. And 455 will be major resistance level.

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