TODAYS MCX MARKET NEWS UPDATES

Market Outlook
Gold price closed clear positivity to breach 30450 level and attempts to settle above it, this closing supports the chances of achieving more gains in the upcoming period, breaking 30350 will force the price to decline again. Crude oil price touched 3645 level and its support line again and regain upwards quickly,to start testing 4025 level, it is important to the daily close and next week opening according to 4025 level and breaching it will confirm the continuation of the rise towards 4060. Copper price again under the effect of the intraday sideways trade, the stability of the main support at 450 supports the price again resume the positivity in the upcoming trading by new bullish momentum.

Fundamental News
Gold prices rose sharply supported by a slump in the dollar as fears of a potential global trade war mounted, adding to safe-haven demand, following President Donald Trump’s proposal to impose tariffs on steel and aluminium imports.

Crude oil prices snapped a two-week winning streak despite settling higher on Friday, as fears over rising U.S. oil output persisted after data showed the number of oil rigs rose to their highest in nearly three years.

Gold showed sideways to bullish movement and sustaining near 30500 now if it continues bullish movement then it can test resistance level of 30610 and if price sustains further then it can test next resistance level of 30700. On other side 30250 can be major support level.

Silver showed sideways to bullish movement and sustaining near 38900 and if it continues bullish run it can test next resistance level of 39100 and further it can break resistance level of 39475. On other side 38698 will be major support level.

Crude oil showed sideways to bullish movement and sustaining near psychological level of 4000 if it continues further bullish run it can test resistance levels of 4065 and 4150. On other side 3890 can be major support level.

Copper showed sideways to bearish movement and if it continues bearish run it can test major support levels of 449.25 and 445.80. On other side 455.25 can be major resistance level.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *