MCX Market News and Free Calls

Market Outlook

Gold price bounced downwards clearly yesterday after testing 29750 Barrier, to fluctuate around the 29500 again, trading range for today is between 29420 Support and 29540 Resistance. Silver price did not show any strong move in the previous sessions, trading range for today is between 39500 Support and 39750 Resistance. Crude oil price keeps its stability above the bullish channel’s support line and Waiting to be released from the negative pressure. The trading range for today is between 3680 Support and 3740 Resistance. Copper price provided new negative close below 442.50, trading range for today is between 437 Support and 442.50 Resistance.trading range of zinc is 206 Support and 209 Resistance.

Fundamental News

Crude oil prices recouped some of this week’s losses in early morning trade on Thursday, as growing expectations that OPEC will extend an ongoing production cut agreement at a meeting at the end of this month offset concern over rising U.S. crude stockpiles and output.

Gold prices were little changed in early deals on Thursday, as investors kept an eye on U.S. tax reform developments ahead of a vote in Congress later in the day.

Gold showed sideways to bullish movement and found the major resistance level of 29580. Now if price sustains on a higher level then it will test next resistance level of 29710. On another side, 29420 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39900. Now if price sustains on a higher level then it will test next resistance level of 40280. On another side, 39520 will be a major support level.

Crude Oil showed sideways to bullish movement and found the major resistance level of 3635. Now if price sustains on a higher level then it will test next resistance level of 3668. On another side, 3575 will be a major support level.

Copper showed sideways to bearish movement and found the major support level of 436. Now if price sustains on a lower level then it will test next support level of 432.80. On another side, 444.50 will be major resistance level.

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