Today’s Crude Oil Movement and MCX Tips

Market Outlook

Gold price kept its stability below 1281.17 level after the positive attempts that it provided on last Friday, to keep the bearish trend active for the upcoming sessions, Silver price still stable below 16.56 level, and the price falls under negative pressure. Crude oil price shows some bearish bias after approaching 59.00$ barrier in the previous sessions, these factors encourage us to continue suggesting the bullish trend in the upcoming sessions, and the waited targets begin at 3865 and extend to 3865 per barrel, taking into consideration that breaking 3710 will stop the expected rise and push the price to begin the short term bearish correction. Copper price began to gather new positive momentum in the last trading. The trading range for today is between 442.50 Support and 447 Resistance.

Fundamental News

Oil fell on Monday after U.S. shale drillers added more rigs last week, but prices still held close to their highest since mid-2015, supported by an extension of output cuts agreed last week by OPEC and other producers.

Gold prices dipped on Monday in Asia as expectations that US tax cuts are closer to passage and as news on the politics surrounding the investigation of Russian meddling in the 2016 election was mulled.

Gold showed sideways to bearish movement and found the major support level of 29050. Now if price sustains on a lower level then it will test next support level of 28935. On another side, 29300 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38000. Now if price sustains on a lower level then it will test next support level of 37720. On another side, 38480 will be major resistance level.

Crude Oil showed sideways to bearish movement and found the major support level of 3700. Now if price sustains on a lower level then it will test next support level of 3671. On another side, 3765 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 441. Now if price sustains on a lower level then it will test next support level of 438.50. On another side, 451 will be major resistance level.

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