Today’s Market Report on MCX

Market Outlook
MCX Gold price shows sideways trading since morning, settling around 31500 level, no change to our bullish overview that depends on holding above 31350 level, oil price resumes its positive trading to surpass 4510 barrier and attempts to build support base above it, which supports the continuation of our bullish overview efficiently in the upcoming sessions. MCX Copper price succeeded to get rid of the intraday sideways range’s domination by forming bullish wave, expecting to gather new positive momentum.

Fundamental News

Precious metal prices moved higher on Thursday, supported by weakness in the dollar and concerns over the eventual U.S.-North Korea summit. Stronger greenback makes the dollar-denominated metal more expensive for holders of other currencies.

Crude oil prices rose to their highest level in over three years on Thursday as U.S. inventories fell and Saudi Arabia continued to push to production curbs. Crude prices were supported by data that showed crude stockpiles have declined in the U.S.

Gold showed sideways to bullish movement and sustaining near 31600 now if it continues bullish movement then it can test resistance level of 31630 and if price sustains further then it can test next resistance level of 31765. On other side 31430 can be major support level.

Silver showed sideways to bullish movement and sustaining near 40650 now if it continues bullish movement then it can test resistance level of 40769 and if price sustains further then it can test next resistance level of 41000. On other side 40188 can be major support level.

Crude oil showed sideways to bullish movement and sustaining near psychological level of 4550 if it continues further bullish run it can test resistance levels of 4589 and 4620. On other side 4500 can be major support level.

Copper price opens higher shows some consolidation but overall remain bullish on charts. Now if it sustains on higher level than it can test resistance levels are 464 and 467.80. On the other side 453.35 is support level.

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