Online MCX Tips and Market News

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Market Outlook

Gold prices continued higher on Thursday, adding to their biggest one-day gain in three months amid simmering geopolitical tensions between the U.S. and North Korea. The yellow metal scored its sharpest daily rise since mid-May on Wednesday as investors piled into safe haven assets amid intensifying tensions between the U.S. and North Korea, with Pyongyang saying it is considering plans to attack Guam. Oil prices rose on Thursday, lifted by a sustained decline in inventories and as Saudi Arabia prepared to cut crude supplies to its prized Asian customers.

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Fundamental News

Gold has been well-supported in recent weeks as fading expectations for a third Fed rate hike this year due to weak inflation combined with deepening political turmoil in the White House boosted the appeal of the precious metal.

OPEC forecast higher demand for its oil in 2018 due to rising global consumption and slower supply growth from rivals, although another jump in the group’s output suggested the market will remain in surplus despite efforts to rein in production.

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Gold showed bullish movement and found the important resistance level of 29223 Now if it will close above the important resistance level of 29250 then 29500 will act as next resistance level. On the other hand, 28800 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 39520 Now if it will close above the important resistance level of 39550 then 40000 will act as next resistance level. On the other hand, 38500 will act as a major support level.

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Crude showed bearish movement and found the important support level of 3120. Now if it will close below the important support level of 3100 then 3050 will act as next support level. On the other hand, 3235 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 409.85. Now if it will close below the important support level of 407 then 400 will act as next support level. On the other hand, 417 will act as a major resistance level.

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