MCX Gold price resumes its negative trading after this morning slight rise, keeping the bearish trend scenario active in the upcoming sessions conditioned by holding below 31550, Oil price crawls gradually to the upside moving away from the critical support at 4565, keeping the bullish trend valid and active for the rest of the day, MCX metal price didn’t succeed to move until this morning, which makes us keep preferring the bullish attempts that depend mainly on the stability of the 457 level, While the price reach below the mentioned level so that will cancel the positive overview.
Precious metal prices were off their best levels of the day on Thursday as strength in the dollar and Treasury yields continued to weigh, keeping prices within reach of three week lows.
Crude oil prices rose on Thursday morning in Asia, triggered by an expectation that the U.S. will re-impose sanctions against Iran. Rising production from the U.S. is still a key market theme that continues to weigh on oil prices.
Gold showed sideways to bearish movement and found the major support level of 31180. Now if price sustains on lower level then it will test next support level of 30900. On other side 31400 will be major resistance level.
Silver showed sideways to bearish movement and found the major support level of 39100. Now if price sustains on lower level then it will test next support level of 38700. On other side 39500 will be major resistance level.
Crude oil took some correction from higher to lower level today and tests its major support level of 4500 and if price sustains below this level then it can test 4450 levels. On higher side it has strong resistance level of 4600.
Copper showed sideways to bullish movement and found the major resistance level of 462. Now if price maintains on higher level then it will test next resistance level of 468. On other side 455 will be major support level.
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