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Market Outlook

MCX Gold opened below the previous day closing but gradually moved higher during the session although it was a subdued trade; and again faced the resistance of 38000 on daily charts and 37750 is still acting as important support for the bullion. MCX Crude oil traded on lower noted since the start of the session. It has faced stiff resistance around 4170 in last two sessions while any closing below 4100 can further weaken the trend. MCX Copper October continued the bullish momentum which was observed in the previous session from deeper support levels of 443. Now, if it sustains above 450, then it may again gain some momentum on upper levels whereas 445 may act as support.

Fundamental News

Gold was little changed on Tuesday, hovering near the two-week peak hit in the previous session on global growth concerns, though further talks in the U.S.-China trade dispute could yet dent appeal for the safe-haven metal. Oil prices fell on Tuesday after weak manufacturing data from Europe and Japan focused market attention on a gloomy outlook for demand and as Saudi Arabia was expected to restore oil output faster than anticipated following attacks last week.

GOLD

Gold showed bullish movement and found the major resistance level of 38190. Now if price sustains on lower level then it will test next support level of 37700. On other side 38500 will be major resistance level.

SILVER

Silver showed bullish movement and found the major resistance level of 48213. Now if price sustains on lower level then it will test next support level of 47500. On other side 49000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and found the major support level of 4067. Now if price sustains on higher level then it will test next resistance level of 4150. On other side 4000 will be major support level.

COPPER

Copper showed bearish movement and found the major support level of 440.55. Now if price sustains on higher level then it will test next resistance level of 446. On other side 438 will be major support level.

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