MCX Market News and Updates

MCX  Market News and Updates

Market Outlook

Gold price rallied upwards strongly to succeed breaching 1299.20 level and settles above it, which supports our bullish overview efficiently in the upcoming period, paving the way to head towards our next target at 1321.49, Crude oil price resumes its positive trading in attempt to move away from 60.00 barriers, to keep the bullish trend scenario active on the intraday and short-term basis, ur next target is located at 62.30, while holding above 59.00 represents key condition to continue the suggested rise. Copper price showed clear positive stability by leaning around 3.3100, confirming the stability within the bullish bias range by moving away from the initial support at 3.2500, trading range for today is between 3.2500 and 3.5200.

Fundamental News

Gold was trading almost flat in morning deals on Monday on account of subdued demand for the precious metal from jewelers, industries, and retailers.

U.S. oil prices closed above $60 a barrel on the final trading day of the year, the first time since mid-2015, as the commodity ended 2017 with a 12 percent gain spurred by strong demand and declining global inventories.

Gold showed rangebound movement and found the major resistance level of 29191. Now if price sustains on a higher level then it will test next resistance level of 29270. On another side, 28900 will be a major support level.

Silver showed rangebound movement and found the major resistance level of 39313. Now if price sustains on a higher level then it will test next resistance level of 39525. On another side, 38950 will be a major support level.

Crude oil showed rangebound movement and found the major resistance level of 3863. Now if price sustains on a higher level then it will test next resistance level of 3895. On another side, 3800 will be a major support level.

Copper showed rangebound movement and found the major resistance level of 467.85. Now if price sustains on a higher level then it will test next resistance level of 469.40. On another side, 463.10 will be a major support level.

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