Indian Mcx Gold Market Trend

mcx-jiDaily Market Reflection:

Market Outlook:- In the morning session gold and silver trading in negative zone with but not able to continue and in the evening session it was on bullish way. In coming session bullishness can be seen in bullion’s. Crude oil showed correction on higher side but buy on dips would be preferable. Base metals were strong on Monday and coming session more bullishness may be seen, buy on dips would be profitable strategy in base metals.

Fundamental News:-

1). Gold fell ver 1 per cent on Monday, after registering its biggest one-day gain in two weeks in the previous session, easing on indications that Britain could opt to remain in the European Union in a referendum later this week.

2). Copper and other base metals extended gains on Monday as concern that Britain might leave the European Union eased and nickel hit a six-week peak on concern about top supplier Philippines.

goldGold opened on lower note and in evening session in correct on higher side. Now if it broke 30750 resistance levels than 30950 will act as next resistance level. On the other hand 30500 will be major support level.

silver

Silver showed sideways to bullish movement. Now if it broke the important resistance level of 42000 then 42500 act as next resistance level. On lower side 41350 will act as important support level.crude

Crude oil showed upward movement and found important resistance of 3330 on daily chart. Now if it showed bullish movement and maintain above 3350 then 3440 will be next resistance level. On the lower side important support is 3260.

copperCopper showed strong movement and found the support of 313. Maintain above 313 then next resistance level will be seen at 318. If some correction happens on lower side then it drags towards support level of 308.

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