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Market Outlook

MCX Gold price confirmed breaching 32200 level after ending last week above it, the bullish trend will be expected for the upcoming period, Oil price continues to fluctuate within sideways track and settles above the EMA50, we will continue to suggest the bullish trend for the upcoming period unless breaking 3660 level and holding below it. MCX Copper price failed to break 416 support line on last Friday, affected by stochastic intraday positivity, he continuous fluctuation below the main resistance at 432 to support the negative attempts for the upcoming period, which requires gathering strong negative momentum to ease the mission of achieving the required break and reach 421.

Fundamental News

On Monday in Asia Gold prices rose and traded above the $1,300 mark ahead of a U.S. Federal Reserve meeting where the central bank is widely expected to leave interest rates unchanged. On Monday in Asia Crude Oil prices fell after U.S. energy firms raised the number of rigs last week. Meanwhile, Venezuela remained in the headlines as turmoil in Caracas triggered concerns that its crude exports could soon be disrupted.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 32589. Now if price sustains on higher level then it will test next resistance level of 32700. On other side 32340 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 40086. Now if price sustains on higher level then it will test next resistance level of 40400. On other side 39665 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 3660. Now if price sustains on lower level then it will test next support level of 3580. On other side 3806 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 422. Now if price sustains on lower level then it will test next support level of 418. On other side 429.50 will be major resistance level.

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