Free MCX Tips & Bullion Metals Market Highlights

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Market Outlook

Gold prices held steady just below their strongest level in seven months on Wednesday, as investor jitters over looming geopolitical risk events supported demand for safe-haven assets. Gold prices scored a third-straight session of gains Tuesday after hitting its highest level since November 9 at $1,298.80, as investors sought safe-haven assets ahead of potentially market-moving events later this week. Oil prices dipped on Wednesday on renewed concerns about the efficacy of OPEC-led production cuts due to rising tensions within the export group over Qatar and growing U.S. output.

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Fundamental News

Gold had achieved its longest winning streak since 2010 in May, advancing 0.05% for the month, despite rising expectations that the Federal Reserve would increase its benchmark rate at its June 13-14 meeting.

Exports of Qatari crude oil have not been hindered by a port ban imposed by other Gulf states as tankers are loading Qatari grades along with cargoes from the United Arab Emirate, shipping data in Thomson Reuters Eikon showed on Wednesday.

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Gold showed sideways movement and found the important resistance level of 29544. Now if it will close above the important resistance level of 29600 then 29900 will act as next resistance level. On the other hand 28900 will act as a major support level.

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Silver showed sideways movement and found the important resistance level of 40770. Now if it will close above the important resistance level of 41000 then 41500 will act as next resistance level. On the other hand 40000 will act as a major support level.

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Crude showed bearish movement and found the important support level of 2954. Now if it will close below the important support level of 2950 then 2900 will act as next support level. On the other hand 3040 will act as a major resistance level.

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Copper showed sideways movement and found the important support level of 361.15. Now if it will close below the important support level of 358 then 355 will act as next support level. On the other hand 368 will act as a major resistance level.

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