Today’s Base & Bullion Metals Market News | Mcx Tips

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Market Outlook

Gold prices fell toward a one-week low on Wednesday, after an influential Federal Reserve policymaker jolted markets into higher expectations for a March U.S. interest rate hike. Crude oil lost more ground on Wednesday with rising U.S. oil output adding pressure on the market, although OPEC production cuts continued to offer support. Investors in the oil market are awaiting weekly inventories data from the U.S. Energy Information Administration. Base metal given bullish moment today and it may possible that it will continuous in coming session.

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Fundamental News

India’s February gold imports surged to 50 tones, up more than 82 percent from a year ago, on pent-up jeweler demand and as retail consumers ramped up purchases for weddings, provisional data from consultancy GFMS showed on Wednesday.

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Gold showed bearish movement and found the important support level of 29266. Now if it will maintain above the important resistance level of 29600 then 29800 will act as next resistance level. On the other hand 29200 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 44150. Now if it will maintain above 44200 then 44800 will act as next resistance level. On the other hand 43700 will act as a major support level.

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Crude showed sideways to bullish movement and found the important resistance level of 3650. Now if it will close above the important resistance level of 3650 then 3720 will act as next resistance level. On the other hand 3550 will act as a major support level.

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Copper showed sideways to bullish movement and found the important resistance level of 409. Now if it will close below the important support level of 400 then 393 will act as next support level. On the other hand 410 will act as a major resistance level.

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