Daily Data for MCX Market Targets

Market Outlook

MCX Gold price provided some slight positive trading this morning and returns to decline now, to keep the bearish trend active for today, depending on the price stability below 31100 level, oil price retests the previously breached resistance of the bearish channel, and the price gets continuous positive support to keep the chances valid to continue the main bullish trend, which targets visiting 4965 level on the near term basis. Copper price formed additional negative rebound yesterday to repeat the attempts to press on the bullish channel’s support line at 460, the price preparation to renew the bullish attempts in the near term.

Fundamental News

Yellow metal prices pushed higher on Wednesday, but remained below the $1,300 level after slumping on Tuesday as strength in the dollar and U.S. government bond yields prompted investors to sell off the Gold. Crude oil prices edged lower on Wednesday, but held near three-and-a-half-year highs reached in the prior session as markets focused on rising U.S. crude stockpiles along with the potential impact of U.S. sanctions on Iranian oil exports.

GOLD

Gold showed sideways to bearish movement and found the major support level of 31000. Now if price sustains on lower level then it will test next support level of 30800. On other side 31300 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 39600. Now if price sustains on lower level then it will test next support level of 39300. On other side 40200 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4820. Now if price maintains on higher level then it will test next resistance level of 4880. On other side 4750 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 458. Now if price sustains on lower level then it will test next support level of 455. On other side 465 will be major resistance level.

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