Daily MCX Market Information 03 October 2017

Market Outlook

Gold prices edged below breakeven on Friday, as weaker-than-expected inflation data did little to ease investor expectations of a year-end rate hike. Crude oil prices settled higher on Friday, as investors weighed the possibility of supply disruptions in Northern Iraq against expectations that U.S. producers are poised to ramp up shale output. The base metals are looking somewhat stronger this morning following Thursday’s rebounds, but the overall tone in recent weeks has been one of correction and consolidation. Lead and zinc prices continued to bounce higher still supported by tight supply.

Fundamental News
The precious metal is expected to come under pressure in the coming months amid growing rate hike expectations and renewed investor hopes for tax reform.

Crude prices were restricted to a narrow trading range amid ongoing political uncertainty in Iraq that threatens the operation of a key pipeline linking northern Iraq to the Turkish port of Ceyhan.

Gold showed sideways to bearish movement and found the important support level of 29662. Now if it will close below the important support level of 29500 then 29250 will act as next support level. On the other hand 30000 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 39309. Now if it will close below the important support level of 39300 then 39000 will act as next support level. On the other hand 40000 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 3356. Now if it will close below the important support level of 3350 then 3300 will act as next support level. On the other hand 3475 will act as a major resistance level.

Copper showed bearish movement and found the important support level of 426.75. Now if it will close below the important support level of 425 then 420 will act as next support level. On the other hand 430 will act as a major resistance level.

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