MCX Market Analysis And Updates

mcxMarket Outlook:

Gold and silver showed bullish movement and if Federal Reserve will delay the Interest rate hike on 14th June then market can be bullish and in coming session buying would be profitable but if interest rate will be hiked today then market can be volatile and bearishness can be seen. Crude showed bearishness and could be volatile in coming session because British can exit from Euro zone. Zinc showed bearish movement because its inventory was very positive as compared to last some days. Selling would be profitable in zinc.

comdexFundamental News:

Worries remained heightened that a U.K. referendum on European Union membership—set for June 23 and expected to be fully tallied on June 24—will result in a British exit from the bloc, and potentially stir uncertainty in the market.

Supply-side worries have also increased after a Nigerian militant group on Sunday urged other rebels to join peace negotiations with the government to put an end to the attacks on the nation’s oil installations.

goldGold showed strong bullish movement and found the important resistance around 30581 and made a recent new high. Now if it broke 30600 resistance levels than 30800 will act as next resistance level. On the other hand 30250 will be major support level.

silverSilver showed sideways to bullish movement. Now if it broke the important resistance level of 41700 then 42000 act as next resistance level. On lower side 40700 will act as important support level.

crudeCrude oil showed bullish movement after found the support of 3230. Now if it showed bearish movement and sustain below 3230 then 3200 will be next support level. On the higher side important resistance is 3310.

copperCopper showed sideways movement and trade in the range of 307-303. Sustain below 303 then next support level will be seen at 300. If some correction happens on higher side then it pull towards resistance level of 310.

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