Free MCX Tips Market News and Updates

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Market Outlook

Precious metals are trading lower on COMEX today. We expect prices to trade lower for the day, dragged down by expectations that a possible U.S. rate hike this week would curb demand for the safe- haven asset. Industrial metals are trading lower on International bourses today, on MCX we expect base metals prices to trade range bound for the day as building on last week’s strong Chinese economic figures ; and bullish outlooks by concerns. Crude oil is trading higher on NYMEX today. We expect prices to trade higher for the day , after OPEC and other producers over the weekend reached their first deal since 2001 to jointly reduce output in order to rein in oversupply and prop up the market.

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Fundamental News

Gold prices touched their lowest in over 10 months on Monday, dragged down by expectations that a possible US rate hike this week would curb demand for the safe-haven asset.

Oil rose by as much as 6.5 percent on Monday to an 18-month high after OPEC and some of its rivals reached their first deal since 2001 to jointly reduce output to try to tackle global oversupply and boost prices.

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Gold showed bearish movement and found the important support level of 27415. Now if it will close below the important support level of 27400 then 27100 will act as next support level. On the other hand 28000 will act as a major resistance level.

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Silver showed bullish movement and found the important resistance level of 41800. Now if it will close above the important resistance level of 42000 then 42500 will act as next resistance level. On lower side 41000 will act as vital support level.

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Crude showed bullish movement today and found important resistance level of 3644. If prices hold above 3650 level in next trading session then this bullish momentum can take prices to 3700 level. If it breaks the support level of 3500 then 3250 will act as next support

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Copper showed bearish movement and found the important support level of 390.85. Now if it will close below the important support level of 390 then 385 will act as next support level. On the other hand 400 will act as a major resistance level.

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