MCX Gold opened on a positive note and remained strong for most part of the session surpassing the immediate resistance level of 38000. If it is able to sustain above 38000 then it may further lead towards the next resistance of 38200 whereas 37900 is seen as strong support for the bullion. MCX Crude opened gap down and remained on weaker side. It was unable to close above 4100 mark for last four consecutive sessions indicating certain sell offs from resistance levels. Now, 4000 is seen as strong support. MCX Copper remained subdued and sustained below the important support of 440 for first half of the session. On daily charts, 437 is seen as major support for the metal.
Gold prices rose on Wednesday after a speech by U.S. President Donald Trump dashed hopes for a positive sign on a U.S.-China trade deal, prompting investors to seek safety in the metal.
Oil prices fell on Wednesday as prospects for a trade deal between the United States and China faded, weighing on the outlook for the global economy and energy demand. A forecast by the International Energy Agency for slower global oil demand growth post-2025 also weighed on the market.
Gold showed bullish movement from major resistance around level of 38150. Now if price sustains on lower level then it will test next support level of 37700. 38500 will be major resistance level.
Silver showed bearish movement and found support around level of 44750. Now if price sustains on lower level then it will test next support level of 44000. On other side 45000 will be major resistance level.
Crude oil showed bullish movement and found major resistance around level of 4140. Now if price sustains on higher level then it will test next resistance level of 4200. On other side 4050 will be major support level.
Copper showed bearish movement and found major support around level of 438.30. Now if price maintains on higher level then it will test resistance level of 444. On other side 439 will be major support level.
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