MCX Market Trend Via Experts

basemetal-energyMarket Outlook:

In the morning session gold and silver trading in negative zone and continue in the evening session. In coming session bearishness can be seen in bullions as correction on lower side. Crude oil showed correction on higher side and buy on dips would be preferable. Base metals were strong and coming session more bullishness may be seen, buy on dips would be profitable strategy in base metals.

Fundamental News:

1). Gold was down for a second session on Tuesday as Asian shares extended a rally on growing expectations that Britain would opt to remain in the European Union in a referendum later this week.

2). Oil prices fell on Tuesday, as investors weighed continued uncertainty ahead of the U.K.’s referendum this week and focused on the persistent overhang of crude.

3). Base metals other than aluminium were tracking lower on the LME on Tuesday morning – the previous day’s increases proved short-lived and sentiment has turned more risk-off.

goldGold opened on lower note and in evening session showed downward movement and found support of 30230. Now if it will break 30200 support levels than 30000 will act as next support level. On the other hand 30600 will be major resistance level.

silverSilver showed sideways to bearish movement. Now if it will break the important support level of 41000 then 40500 act as next support level. On higher side 42000 will act as vital resistance level.

crudeCrude oil showed sideways movement and found important resistance of 3385 on daily chart. Now if it showed bullish movement and maintain above 3385 then 3440 will be next resistance level. On the lower side important support is 3300.

copperCopper showed strong movement and found the resistance of 317. Maintain above 318 then next resistance level will be seen at 321. If some correction happens on lower side then it drags towards support level of 312.

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