Mcx Tips for Trading in Gold & Crude

mcx-jiMarket Outlook:

Gold prices did not show any strong move since morning. But weakening dollar & no rate change will provide support to the yellow metal. Copper prices can trade higher as overall manufacturing numbers from the Euro Zone turned up higher than expected. Besides, optimism following recent decisions by the Fed and BOJ will be supportive. Crude oil prices jump after reports that Saudis offer oil cut for OPEC deal and the fact that Crude inventories in the US have withdrawn for consecutive three weeks in a row, provided support.

comdexFundamental News:

Gold edged back towards the previous session’s two-week highs on Friday and stayed on track for its biggest weekly gain in nearly two months, after the Federal Reserve sounded a cautious note on the pace of interest rate hikes.

Oil prices jumped on Friday after sources told Reuters Saudi Arabia could reduce its crude production should regional foe Iran cap its own output this year.The Saudi offer, ahead of next week’s meeting of OPEC ministers trying to staunch oil price losses, has yet to be accepted by Tehran, three sources familiar with the discussions told Reuters.

imp-data

goldGold showed bullish movement and near to its resistance level of 31400. Now if it will close above the important resistance level of 31400 then 31650 will act as next resistance level. On lower side 31200 will act as vital support level.

silverSilver showed bearish movement in today’s session. Now if it will maintain above its resistance level of 47500 then 48000 will act as next resistance level. On the other hand 46600 will act as important support level.

crudeCrude oil showed bearish movement. Now if it will maintain above 3050 then 3100 will be next resistance level. On the other hand 2950 will act as important support level.

copperCopper showed sideways to bullish movement and found the important resistance of 328.50. Now if it will break the resistance level of 328 then 330 will act as next resistance level. On the other hand 325 will act as a major support level.

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