Profitable Commodity Tips & Market Updates 2 Jan 2020

Market Outlook

MCX Gold traded on flat note after fall from resisatnce in the previous session. If the bullion holds above 39000 then it may again witness bulls and reach towards the key resistance of 39300 whereas 38900 is seen as immediate support for it. MCX Crude after choppy trade in the previous session traded below 4400. If it sustains below the key support of 4350 then bearish outlook is seen in it towards 4300. On higher side, 4450 is still acting as important resistance. MCX Copper showed weak opening and sustained near the major support of 440 below which 437 is seen as next support. Any closing above the resisatnce of 445 can result in some bulls.

Fundamental News

Gold prices edged lower today in Indian markets on the first day of the New Year. On MCX, February gold futures prices today slipped 0.17% to log their second decline in three days. Tracking gold, silver prices also slipped today. MCX silver futures rates declined 0.42%.

Crude oil futures on Wednesday fell by Rs 12 to Rs 4,374 per barrel after participants reduced positions tracking a subdued demand at spot market. Fall in crude oil futures was mostly due to trimming of positions by traders amid weak spot demand.

Gold showed bullish movement and major resistance around level of 39113. Now if price maintains on higher level then it will test next resistance level of 39500. On other side 38700 will be major support level.

Silver showed bearish movement and major support around level of 46200. Now if price maintains on higher level then it will test next resistance level of 47500. On other side 46000 will be major support level.

Crude oil showed bearish movement and major support level of 4366. Now if price sustains on lower level then it will test next support level of 4300. On other side 4450 will be major resistance level.

Copper showed bearish movement and found major support around level of 438.30. Now if price sustain on lower level then next support level will be 438. And 445 will be major resistance level.

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