Expert Analysed Report on Gold Market

Market Outlook

MCX Gold yesterday broke its major support level of 30500 and also able to close below this level as well as continue with down trend. For next day may be it test 30100 i.e. next support level. MCX Crude oil price approached the psychological barrier at 3560 per barrel and bounced bullishly to achieve some slight gains, we will continue to suggest the bearish trend in the upcoming sessions, noting that our next target is located at 3480, MCX Copper price keep delaying the bullish rally, is spite of its stability within the bullish channel levels by its respond to the negativity of the main indicators. Support is 426 and resistance for the day 434.

Fundamental News
On Monday Gold prices edged up in Asia along while the dollar was flat after the Thanksgiving week holiday. Market watchers are keeping an eye on the Fed’s policy outlook ahead of high-level U.S.-China trade talks on Friday, which could weigh on precious metals this week.

Crude Oil prices rebounded on Monday in Asia after slumping 8% last Friday amid concerns that excess supply and the weakening demand side pressures could create a glut next year.

Gold showed sideways to bullish movement and found the major resistance level of 30658. Now if price sustains on higher level then it will test next resistance level of 30880. On other side 30445 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 36444. Now if price sustains on higher level then it will test next resistance level of 36800. On other side 36000 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3712. Now if price sustains on higher level then it will test next resistance level of 3800. On other side 3595 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 433.80. Now if price sustains on higher level then it will test next resistance level of 440.95. On other side 429.15 will be major support level.

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