Todays Gold Market Updates and Online MCX Tips

a1

a9

Market Outlook

Gold and silver trade higher on Monday, buoyed by safe-haven demand due to uncertainty over US policy ahead of President-elect Donald Trump’s inauguration and amid concerns over Britain’s exit from the European Union. We expect in coming session it may trade sideways to bullish. Oil prices were down on Monday due to doubts that large crude producers will reduce production as promised and on expectations that U.S. production would increase again this year. Next session it may trade sideways to bearish. All base metals trade in red zone on Monday and next session it may it trade in bearish note.

a2

Fundamental News

Gold and silver on the Multi Commodity Exchange (MCX) were trading higher in early trade on Monday on account of buying of precious metals by retailers, jewellers and industries.

Customs data released on Jan. 13 showed Chinese imports of crude reached 36.38 million tonnes in December, or 8.57 million barrels per day (bpd), the most in a month and well above the previous mark of 8.04 million bpd set in September.

a3 a4

Gold showed sideway to bullish movement and found the important resistance level of 28600. Now if it will sustain below the important support level of 28350 then 28100 will act as next support level. On the other hand 28650 will act as a major resistance level.

a5

Silver showed bearish movement and found the important support level of 40900. Now if it will sustain below 40600 then 40000 will act as next support level. On the other hand 41500 will act as a major resistance level.

a6

Crude showed sideways to bearish movement and found the important support level of 3550. Now if it will close above the important resistance level of 3600 then 3700 will act as next resistance level. On the other hand 3550 will act as a major support level.

a7

Copper showed bullish movement and found the important resistance level of 405. Now if it will close below the important support level of 398 then 390 will act as next support level. On the other hand 405 will act as a major resistance level.

a8

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Comment

Your email address will not be published. Required fields are marked *