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Market Outlook

MCX Gold price showed strong bullish movement and test its major resistance level of 35100 and if price maintains above this level in upcoming trading session then this momentum can find next resistance level of 35300 and lower side it has immediate support at 34800. MCX Crude oil took quick recovery from lower to higher side after downfall but we still keep bearish overview for next session towards next important support level of 3850. MCX Copper showed slight positive movement and if price manages above 450 in upcoming session then again bullish trend will active up to next resistance level of 455.

Fundamental News

Gold prices pulled back from a two-week high to trade lower on Thursday, as some investors took advantage of the last session’s gain to book profits.

Oil edged lower on Thursday, unable to shake off the downbeat mood of the last two days in response to a sharp rise in U.S. stockpiles of products such as gasoline, pointing to weak demand during the summer driving season in the United States.

Gold showed sideways to bullish movement and found the major resistance level of 35200. Now if price sustains on higher level then it will test next resistance level of 35350. On other side 34850 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 40800. Now if price sustains on higher level then it will test next resistance level of 41100. On other side 40200 will be major support level.

Crude oil showed sideways to bearish movement and found the major support level of 3750. Now if price sustains on lower level then it will test next support level of 3650. On other side 3980 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 449. Now if price sustains on higher level then it will test next resistance level of 455. On other side 444 will be major support level.

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