Daily Commodity Tips & Updates

Market Outlook

MCX Gold opened with positive bias and slides down towards the support level of 38000 below which 37800 will act as major support and on other side 38300 is major resistance. MCX Crude opened flat with positive bias as well as sustains on higher level. If it breaks 4075 level it may see major resistance 4120 and on other side major support is 3950 of crude. MCX Copper opened flat with bullish note as well as hovering in previous opening price level. If it breaks 445 major resistance levels it may change the trend and find resistance near 450. On the other side recent support is 440 and major support 435 for November contract.

Fundamental News

Europe’s share markets hit a more than 4-year peak and bond yields shuffled higher on Thursday, as Beijing signaled a ‘phase 1’ trade deal with the United States was close to being sealed.

Oil rose above $62 a barrel on Thursday after China hinted at progress towards a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and fuel demand.

Gold showed berish movement and break it major support. Now if price sustains on lower level then it will test next support level of 37200. 38500 will be major resistance level.

Silver showed bearish movement and break major support. Now if price sustains on lower level then it will test next support level of 43900. On other side 45700 will be major resistance level.

Crude oil showed bullish movement and found major resistance around level of 4104. Now if price sustains on higher level then it will test next resistance level of 4150. On other side 3950 will be major support level.

Copper showed bearish movement and found major support around level of 441.20. Now if price sustains on higher level then it will test resistance level of 447. On other side 440 will be major support level.

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