Today’s Market Overview and Free MCX Tips

Market Outlook

Gold price succeeded to achieve our first waited target at 1357.50 and breached it to settle above it now, which supports the continuation of our bullish overview efficiently in the upcoming period, paving the way to head towards our next target at 1375.00. Crude oil price succeeded to achieve the awaited target, we believe that the way is open to continuing rising in the upcoming sessions, we will be waiting for more positive trading for today. Copper price keeps its stability above the moving average 55 recently to get new positive momentum and ends its recent trades by settling above 3.2000 level, which ends the correctional bearish attempts and confirms the continuation of the positivity that targets 3.4400, followed by reaching the bullish channel’s resistance at 3.6000.

Fundamental News

Gold prices were hovering near after four-month highs on Thursday, propelled higher by a weaker dollar, which hit fresh three-year lows after the Trump administration, signaled that it preferred a weaker currency.

Crude oil prices climbed to fresh three-year highs on Thursday, as news of another weekly decline in U.S. crude inventories added to overall optimism over the rebalancing of the market. The U.S. West Texas Intermediate crude March contract was up 67 cents or about 1.02% at $66.28 a barrel by 04:00 a.m. the highest since December 2014.

Gold showed sideways to bullish movement and found the major resistance level of 30464. Now if price sustains on a higher level then it will test next resistance level of 30657. On another side, 30170 will be a major support level.

Silver showed sideways to bearish movement and found the major support level of 40180. Now if price sustains on a lower level then it will test next support level of 40632. On another side, 39660 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4229. Now if price sustains on a higher level then it will test next resistance level of 4267. On another side, 4158 will be a major support level.

Copper showed sideways to bearish movement and found the major support level of 457.90. Now if price sustains on a lower level then it will test next support level of 462.45.On another side, 447.00 will be major resistance level.

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