Today’s Crude Oil Movement and MCX News

Market Outlook

Gold prices tumbled to four-week lows on Thursday, as the U.S. dollar bounced higher after the Federal Reserve indicated the possibility of an additional rise in interest rates this year. Crude oil prices turned lower on Thursday, as traders finally reacted to the previous session’s downbeat U.S. stockpiles data and as markets were cautious ahead of a highly-anticipated meeting of the Organization of the Petroleum Exporting Countries on Friday. The base metals are looking heavy and copper is looking vulnerable to starting another leg down in its correction. The rest are looking vulnerable but not to the same extent as the copper chart does.

Fundamental News

Gold prices edged higher as investors widely expect the Federal Reserve to signal that it will start to reduce its $4.5tn balance sheet and leave its benchmark rate unchanged.

OPEC’s efforts have been hampered by higher production in some other parts of the world, including the United States, where shale oil production is reaching record highs.

Gold showed bearish movement and found the important support level of 29443. Now if it will close below the important support level of 29400 then 29100 will act as next support level. On the other hand, 29800 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 39515. Now if it will close below the important support level of 39500 then 39000 will act as next support level. On the other hand, 40400 will act as a major resistance level.

Crude showed bullish movement and found the important resistance level of 3312. Now if it will close above the important resistance level of 3315 then 3350 will act as next resistance level. On the other hand, 3200 will act as a major support level.

Copper showed bearish movement and found the important support level of 418.20. Now if it will close below the important support level of 418 then 410 will act as next support level. On the other hand, 430 will act as a major resistance level.

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