Today’s Gold News and Updates With Data For Trading

Market Outlook

MCX Gold took some recovery from lower levels on Wednesday but it could not be maintains on higher level and again price falls and settled down. On lower side it has important support of 32000 and if price sustains below this level in next session then we will keep bearish overview towards next support i.e.  31700. MCX crude oil price also declines and price visited at 3950 levels and it has next support at 3900 and higher side if price takes recovery then finds next resistance of 4020. MCX copper was range bounded and price moves in between 465 to 455, if price sustains below 455 in next trading session then it will finds next correctional level i.e. 460 and below this bearish trend will remain continue.

Fundamental News

Precious metals price inched up on Wednesday, after recovering from a more than five-week low in the previous session, supported by a pause in global equities’ rally, while a firmer dollar curbed gains. Prices of oil fell on Wednesday as bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles outweighed OPEC-led production cuts.

GOLD

Gold showed sideways to bearish movement and found the major support level of 31870. Now if price sustains on lower level then it will test next support level of 31750. On other side 32300 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 38100. Now if price sustains on lower level then it will test next support level of 37800. On other side 38650 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 3893. Now if price sustains on lower level then it will test next support level of 3800. On other side 3977 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 455. Now if price sustains on lower level then it will test next support level of 451. On other side 460.45 will be major resistance level.

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