Daily Analysis on Gold Market 2nd Apr

Market Outlook
MCX Gold price confirmly breaching the level 30550 in the evening session and made a low of 30378 in the end of the day. Then we keep the down trend scenario activated for the upcoming period, Mcx Crude price provides positive trading after breaching 4195 level in the previous sessions,which indicate the continuation of our up trend overview on the short term basis and intraday basis. In the Mcx copper sideways trading might be continue until gathering new negative momentum to manage to resume the negative attack upto 426.50 level.

Fundamental News

Precioue metal prices remained subdued as the dollar rose from lows, weakening demand for the precious metal but a slight uptick in geopolitical tensions stemmed losses. Gold prices fell as the dollar bounced off sessions lows to turn positive amid mostly encouraging U.S. economic data.

OPEC and Russia were working on a long-term pact to keep oil prices steady amid increasing competition from U.S. shale producers. Crude oil prices settled higher on Thursday.

Gold showed sideways to bearish movement and found the major support level of 30277. Now if price sustains on lower level then it will test next support level of 30185. On other side 30739 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38101. Now if price sustains on lower level then it will test next support level of 38050. On other side 38732 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4279. Now if price sustains on higher level then it will test next resistance level of 4305. On other side 4155 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 446.15. Now if price sustains on higher level then it will test next resistance level of 449.15. On other side 428.65 will be major support level.

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