Upcoming MCX Tips and News 6th Nov

Market Outlook

Gold price succeeded to break 1274.00 level to reach the thresholds of the main waited target at 1263.15, reinforcing the expectations of continuing the bearish trend in the upcoming period. The trading range for Friday is between 1265.00 support and 1280.50 resistance. Crude oil price managed to breach 55.27 level and settles above it now, which supports the continuation of our bullish overview efficiently in the upcoming period. Zinc prices slipped on Friday with -1.11%, while copper pulled back in the morning session and after that continuing the bearish trend with -0.48%.Some metals extended losses after the dollar index firmed on the back of strong U.S. economic data.

Fundamental News

President Donald Trump’s announcement last week that he intends to reduce the size of two national monuments covering millions of acres of Utah wilderness has stoked local divisions over land use, with all sides anticipating a protracted battle over the move.

Crude oil prices settled higher on Friday following a late-session surge on the back of data showing signs of U.S. production tightening as US oil rig counts fell to a nearly six-month low.

Gold showed sideways to bearish movement and found the major support level of 29050. Now if price sustains on the lower level then it will test next support level of 28950. On another side, 29300 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38900. Now if price sustains on the lower level then it will test next support level of 38620. On another side, 39800 will be major resistance level.

Crude Oil showed sideways to bullish movement and found the major resistance level of 3588. Now if price sustains on the higher level then it will test next resistance level of 3620. On another side 3520 will be the major support level.

Copper showed sideways to bearish movement and found the major support level of 444. Now if price sustains on the lower level then it will test next support level of 440. On another side, 451 will be major resistance level.

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