MCX Market Calls and News 26th Dec 2017

Market Outlook

Gold price managed to breach 1270.00 level and settled above it, which supports the continuation of our positive overview efficiently in the upcoming period, reminding you that our main targets reach 1281.17 followed by 1299.20 while achieving them requires holding above 1263.15. Crude oil price continues to provide calm positive trades to head gradually towards our first waited target at 59.00, which breaching it represents the key to head towards 60.00 followed by 62.00 levels as next stations. Copper price provided clear positive stability yesterday by consolidating around 3.2000, the positive target at 3.2500 will open the way to form strong bullish attack and increase the chances of reaching the main resistance at 3.5000.

Fundamental News

Gold demands across major centers in Asia have subdued ahead of the holiday weekend as a modest rebound in prices weighed on investor appetite. Gold demand in India also remained muted due to sluggish retail purchases.

Oil prices on Friday dipped away from some of their highest levels since 2015, weighed down by rising U.S. output and the expected January re-opening of the Forties pipeline in the North Sea.

Gold showed sideways to bullish movement and found the major resistance level of 28900. Now if price sustains on a higher level then it will test next resistance level of 29160. On another side, 28420 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 38350. Now if price sustains on a higher level then it will test next resistance level of 38775. On another side, 37350 will be a major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3750. Now if price sustains on a higher level then it will test next resistance level of 3790. On another side, 3690 will be a major support level.

Copper showed sideways to bullish movement and found the major resistance level of 463. Now if price sustains on a higher level then it will test next resistance level of 466. On another side, 452 will be a major support level.

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