Trading Forecast & MCX Market Analysis

Market Outlook
MCX Gold price shows sideways trading since morning, settling around 1350.00 level, waiting to motivate the price to rebound bullishly and resume the main bullish trend. Oil price hovers around 4360 level since morning, waiting to get enough positive momentum to push trading to continue the overall bullish trend. MCX Copper price forced to form some sideways trading by its fluctuating near support level 442.50, While reaching below the initial support and providing negative close, so that will be achieving our next target 435.

Fundamental News
Precious metal prices fell on Thursday, pulling away from the two-month highs hit in the previous session as the stronger dollar weighed and fears over escalating tensions in Syria cooled, but remained on investors’ minds.

Oil demand will increase globally this year while non-OPEC supply is expected to rise more than expected over the next year, the Organization of the Petroleum Exporting Countries and Russia stated in its monthly report.

Gold prices open high today and remain bearish for the day with a low of 30965. Now if price sustains on lower levels then it can test support level of 30931 and 30677. On other side 31400 will be major resistance level.

Silver prices bearish today and made a low of 38650. Now if price sustains on lower levels then it can test support level of 38550 and 38289. On other side 39114 will be major resistance level.

Crude oil 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 4400 and 4435. On the other side 4300 is support level.

Copper continues its bearish movement and sustain at lower levels if it continues bearish run it can test support levels of 439.30 and 435.60. On other side 449.20 can be major resistance level.

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