Today’s Gold Trend and MCX News

Market Outlook

Gold prices hit a more-than-two-week low on Monday as dollar strength continued to put pressure on the precious metal.The yellow metal climbed to its lowest level at $1275. On the Comex division of the New York Mercantile Exchange, gold for December delivery lost $2.94, or about 0.2%, to $1.277.56 a troy ounce by 4:16 AM ET (8:16GMT).Crude Oil prices extended last week’s gains on Monday as traders in Wall Street returned to their desks and traders priced in bullish factors such as ongoing tensions in Iraq and another downturn in U.S. shale production the U.S. West Texas Intermediate crude December contract gained 28 cents, or 0.54%, to $52.12 a barrel 7:36 AM6AM ET (11:36GMT).

Fundamental News

U.S. refineries from Ohio to Minnesota are capitalizing on access to cheap crude from Western Canada and North Dakota oilfields, helping their region break a historic dependence on fuel from the Gulf Coast while redrawing oil trade maps.

Since the early 2000s, crude and fuel flow from the Gulf Coast into the U.S. heartland have been cut in half, as crude coming from Canada and North Dakota has pushed U.S. Midwest refining activity to record levels.

Gold showed sideways movement and found the support level of 29350 and upside it took resistance level of 29600. Now if price sustains below 29300 then 29180 will act as a next support level and upside 29720 will act as a next resistance level.

Silver showed sideways to bullish movement and found the major support level of 39400. Now if price sustains on a lower level then it will test next support level of 39020. On another side, 40000 will be major resistance level.

Crude oil gave some positive movement but it was not showed strength on a higher level. Now for upcoming session price sustains on the lower side than 3370 will act as a major support level and upward side it has a major resistance level of 3420.

Copper showed bullish movement and found important resistance level of 460. If price sustains above 460 then 466 will act as next resistance level and downside it will test major support level of 452.

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