Live MCX Tips, Todays market News and Analysis

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Market Outlook

Gold and silver are trading lower on MCX today around 0.5% as a strong dollar and in coming session it may be more bearish. We expect prices to trade lower in coming session. All Base metals trade in bearish rang today on MCX and we expect base metals prices will trade bearish in coming session. Crude oil is trading range bound in morning session but in evening session crude oil fall around 1.5 % on MCX as a US crude oil inventory rose by 2.3 million barrels as compare to previous week output. But we expect crude oil prices again recovered on higher side as OPEC seized outputs.

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Fundamental News

Gold fell on Tuesday as the dollar rose and investors sold on expectations of stronger global economic growth and higher US interest rates, while deadly incidents in Turkey and Germany failed to spur safe-haven buying.

Oil edged lower on Wednesday, driven by a surprise rise in U.S. crude inventories as refineries hiked output and crude imports rose by 1.1 million barrels a day from the previous week.

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Gold showed bearish movement and found the important support level of 26970. Now if it will sustain below the important support level of 26850 then 26600 will act as next support level. On the other hand 27300 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 39100. Now if it will sustain below the important support level of 39000 then 38500 will act as next support level. On the other hand 39500 will act as a major resistance level.

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Crude showed bearish movement and found the important support level of 3600. Now if it will close below the important support level of 3600 then 3500 will act as next support level. On the other hand 3680 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 375. Now if it will close below the important support level of 374 then 370 will act as next support level. On the other hand 380 will act as a major resistance level.

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