Daily News Analysis on MCX Market

 

Market Outlook

MCX Gold traded negatively on morning session but unable to breach 31150 levels and took reverse movement. For upcoming session if price maintains above 31350 then we expect for more buying. MCX Crude oil opens with positive bias after yesterday’s downfall and took some bullish movement but unable to close on higher level.MCX copper was quite volatile today after long downfall and our view for next trading session will be bearish and all other base metals gives good bearish movement.

Fundamental News

Prices of gold fell on Wednesday, pressured lower by strength in the dollar and Treasury yields after the U.S. withdrew from the nuclear deal with Iran, which kept prices within reach of two month lows. Crude Oil prices rebounded on Wednesday, hitting fresh three-and-a-half-year highs after U.S. President Donald Trump walked away from an international nuclear deal with Iran, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31375. Now if price sustains on higher level then it will test next resistance level of 31430. On other side 31163 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 40270. Now if price sustains on higher level then it will test next resistance level of 40560. On other side 39800 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4821. Now if price sustains on higher level then it will test next resistance level of 4865. On other side 4655 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 458.50. Now if price sustains on higher level then it will test next resistance level of 460.90. On other side 455 will be major support level.

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