Free MCX Tips, Profitable Calls & Updates

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Market Outlook

Precious metals are trading lower on COMEX today and dragged down by strong dollar, which is also traded on 14 year high after U.S. rate hike last week. We expect prices to trade lower in coming sessions. Industrial metals find correction and trading higher on international bourses today, on MCX we expect base metal prices will trade again on bearish note. Crude oil is trading higher on NYMEX today in expectation of decline US crude oil inventory which may result to prices trade on higher range for coming week.

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Fundamental News

Gold prices slipped at the bullion market on Tuesday on reduced demand from stockists and jewellers on the back of lower global cues.

Brent oil prices rose by $1 on Tuesday to a one-week high on forecasts of a steep draw in U.S. crude stocks that could indicate global oversupply is starting to shrink.

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Gold showed bearish movement and found the important support level of 27000. Now if it will sustain below the important support level of 27000 then 26800 will act as next support level. On the other hand 27300 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 38700. Now if it will sustain below the important support level of 38500 then 38000 will act as next support level. On the other hand 39500 will act as a major resistance level.

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Crude showed bullish movement and found the important resistance level of 3670. Now if it will close below the important support level of 3620 then 3550 will act as next support level. On the other hand 3710 will act as a major resistance level.

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Copper showed sideways movement and found the important support level of 373. Now if it will close below the important support level of 370 then 365 will act as next support level. On the other hand 380 will act as a major resistance level.

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