Today Gold Market News & Free MCX Tips

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Market Outlook

Precious metals are flattish and gold recovered from ten month low yesterday as the euro bounce back. On MCX we expect gold and silver prices to trade range bound for the day as investors are getting attracted to the prices to enter in the commodity. Industrial metals are trading lower on International market, we expect base metals prices to trade lower for the day as price have move ahead of fundamental in metals. Supply glut still revolves across the sector. Oil prices were lower in early trade on profit taking but the trend remains positive as market anticipate a faster rebalancing of global oil markets. On intraday basis we expect range bound trade in Crude oil.

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Fundamental News

Gold prices fell for a second straight session Tuesday, although mildly, as the dollar churned against its leading rivals and stocks aimed for gains.

Crude oil prices were lower on Tuesday for the first day since the Organization of Petroleum Countries agreed to limit its production last week Wednesday.

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Gold showed sideways to bearish movement and found the important support level of 27880. Now if it will close below the important support level of 27850 then 27500 will act as next support level. On higher side 28200 will act as vital resistance level.

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Silver showed sideways to bearish movement and found the important support level of 40973. Now if it will close below the important support level of 40900 then 40500 will act as next support level. On higher side 41600 will act as vital resistance level.

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Crude showed bearish movement and found the important support level of 3411. Now if it will close below the important support level of 3400 then 3300 will act as next support level. On higher side 3580 will act as vital resistance level.

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Copper showed bearish movement and found the important support level of 398.40. Now if it will break the resistance level of 405 then 414 will act as next resistance level. On the other hand 390 will act as a major support level.

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