Daily Forecast of MCX Market Target

    

Market Outlook

MCX Gold price kept its stability below 31100 level after the positive attempt that it showed yesterday, and begins to provide negative trades on its way to visit our first waited target at 30650, oil price keeps its stability below 4465 level, to keep the negative pressure valid for the upcoming period, MCX Copper price continues to provide clear positive trading by its stability above 476 level, to increase the chances for hitting the achieved top at 495. to increase the strength of the main support to avoid any attempt to change the main trend until reaching the suggested targets.

Fundamental News

Japanese Prime Minister Shinzo Abe is meeting U.S. President Donald Trump on Thursday and Friday at the White House ahead of the upcoming North Korea Summit scheduled next week in Singapore. Geopolitical tensions in East Asia continued to ease. At around 11 million bpd, only Russia currently produces more. Domestic oil production – driven by shale extraction – hit a record of 10.8 million barrels per day (bpd), according to the EIA’s weekly report.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31216. Now if price sustains on higher level then it will test next resistance level of 31325. On other side 30943 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 40714. Now if price sustains on higher level then it will test next resistance level of 40916. On other side 40056 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4453. Now if price sustains on higher level then it will test next resistance level of 4500. On other side 4350 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 493.25. Now if price sustains on higher level then it will test next resistance level of 502. On other side 482.25 will be major support level.

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