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Market Outlook

MCX Gold gap up opened with positive note and sustained on higher level. It again resisted near 38250 for the last few consecutive sessions and any breakouts above it can lead it to next resistance of 38500 while 37600 is seen as major support. MCX Crude opened with flat note and traded in previous day range and it sustained in lower range if it breaks may see 3785 as support. Major support 3750 is seen as the key support for it whereas 3900 is seen as major resistance. MCX Copper opened in bearish note and trade in the small range. It is expected to take intraday support around 436 and show a pull back towards the resistance of 445.

Fundamental News

Gold firmed on Wednesday as uncertainty over Britain’s upcoming exit from the European Union and concerns over a slowdown in the global technology sector weighed on stocks, prompting investors to seek refuge in bullion.

Oil is softer on falling expectations OPEC + will deliver deeper production cuts and as US inventories continue to rise.  The API report showed a 4.5 million barrel increase last week.  The EIA report is also expected to see a 2.7 million barrel increase later this morning.

GOLD

Gold showed bullish movement and found major resistance around level of 38099. Now if price sustains on lower level then it will test next support level of 37600. On other side 38300 will be major resistance level.

SILVER

Silver showed bullish movement and found major resistance around level of 45520. Now if price sustains on lower level then it will test next support level of 45000. On other side 46000 will be major resistance level.

CRUDE

Crude oil showed bullish movement and found major resistance around level of 3938. Now if price sustains on higher level then it will test next resistance level of 4000. On other side 3850 will be major support level.

COPPER

Copper showed bearish movement and found major support around level of 437. Now, if price sustains on higher level then it will test next resistance level of 443. On other side 436 will be major support level.

 

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