Today’s MCX Market Calls and News

Market Outlook

Gold prices gained in on a perceived dovish tilt to a Fed rate hike overnight and as economists grapple with inflation outlook with the US reaching nearly full employment by conventional measures. Oil prices showed mixed trade on Thursday after two-straight sessions of declines as market participants continued to weigh the battle between the Organization of the Petroleum Exporting Countries’ (OPEC) attempts to curb global supply while U.S. shale producers continued to ramp up output. Natural gas futures ticked higher on Wednesday, but held near their lowest level in nine months, as market players continued to monitor winter weather forecasts to gauge demand for the fuel.

Fundamental News

The Federal Committee raised rates for the third time in 2017 as expected, forecasting further rate hikes despite concerns over the slowing pace of inflation. Gold is sensitive to rising rates, which increase the opportunity cost of holding non-yielding assets.

U.S. crude inventories last week dropped 5.1 million barrels, more than anticipated, and production hit another record high at 9.78 million barrels per day (bpd), government data showed.

Gold showed sideways to bearish movement and found the major support level of 28200. Now if price sustains on a lower level then it will test next support level of 28070. On another side, 28480 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 36800. Now if price sustains on a lower level then it will test next support level of 36420. On another side, 37600 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 3590. Now if price sustains on a lower level then it will test next support level of 3555. On another side, 3680 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 442. Now if price sustains on a higher level then it will test next resistance level of 446. On another side, 432 will be a major support level.

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