Today’s Analysis Report on Gold Market

Market Outlook
MCX Gold price managed to close the daily candlestick below 31100 level, which supports the continuation of our bearish overview efficiently in the upcoming sessions, oil price ended yesterday’s trading with strong positivity above the 4565 level, which supports the chances of continuing the main bullish trend, MCX Copper price ended the last negative fluctuation, the continuation of the support stability makes us begin preferring the bullish attempts again, to expect the price rally to 457 level. & surpassing it will increase the chances for reaching the main target at 462.

Fundamental News

Precious metal prices moved off session lows but remained on track to post a monthly drop as an ongoing rally in the dollar kept a lid on demand for the gold.

Oil prices settled higher as the prospect of new U.S. sanctions against Iran heated up after Israeli Prime Minister Benjamin Netanyahu revealed files he claimed show Iran continued to develop nuclear weapons.

Gold showed sideways to bearish movement and found the major support level of 30925. Now if price sustains on lower level then it will test next support level of 30870. On other side 31170 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38432. Now if price sustains on lower level then it will test next support level of 38191. On other side 38970 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4610. Now if price sustains on higher level then it will test next resistance level of 4637. On other side 4472 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 451.60. Now if price sustains on lower level then it will test next support level of 447.05. On other side 455.60 will be major resistance level.

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