Essential Data in One Place Of Commodity Market 29-10-19

     

Market Outlook

MCX Gold opened flat with negative bias and traded in previous day range. 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 with positive bias and sustain on higher level if it breaks may see 4000 as resistance. Major support 3750 is seen as the key support for it whereas 4100 is seen as major resistance. MCX Copper opened flat with bullish note and hovering near resistance if it breaks may see 445 as resistance. It is expected to take intraday support around 438.

Fundamental News

Gold rose to a two-week high on Friday, holding above the $1,500 an ounce psychological level, as weak U.S. economic data spurred expectations for another interest rate cut by the Federal Reserve, while palladium scaled a fresh peak. Oil prices fell on Friday but were on track for strong weekly gains as support from a surprise draw in U.S. inventories and possible action from OPEC and its allies to trim production further outweighed broader economic concerns.

GOLD

Gold showed bullish movement and found major resistance around level of 38650 and sharp fall from that level and close at day low. Now if price sustains on lower level then it will test next support level of 38100. On other side 38650 will be major resistance level.

SILVER

Silver showed bullish movement and found major resistance around level of 47250 and strate fall from that level and close near day low. Now if price sustains on lower level then it will test next support level of 45500. On other side 47250 will be major resistance level.

CRUDE

Crude oil showed bullish movement and found major resistance around level of 4015. Now if price sustains on higher level then it will test next resistance level of 4100. On other side 3930 will be major support level.

COPPER

Copper opened gap up with positive bias as well as and break the important resistce but it couldn’t sustain over there and close near day low. Now, if price sustains on higher level then it will test next resistance level of 447. On other side 440 will be major support level.

 

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