News for MCX Market and Updates

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Market Outlook

Gold prices gained in European morning trade on Monday, rising toward the highest level in about 12 weeks as investors scaled back expectations for a more aggressive pace of rate hikes from the Federal Reserve this year. Gold for April delivery on the Comex division of the New York Mercantile Exchange rose to a session peak of $1,227.00 a troy ounce, the most since November 16. We expect in coming session bullion trade to sideways to bullish. Oil prices rose on Monday, with traders shifting money into crude futures as the dollar weakened, and on concerns that new U.S. sanctions against Iran could be extended to affect crude supplies.

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Fundamental News

Gold ended slightly higher on Friday, after the latest U.S. jobs report showing weak wage growth last month dampened expectations for a faster rate of interest rate hikes this year. Gold for April delivery settled up 0.2% at $1,221.85 on the Comex division of the New York Mercantile Exchange.

Oil prices edged up on Monday on fears that new U.S. sanctions against Iran could be extended to start affecting crude supplies, but markets were capped by further signs of growing U.S. production.

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Gold showed bullish movement and found the important support level of 29150. Now if it will maintain above the important resistance level of 29200 then 29500 will act as next resistance level. On the other hand 28900 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 42200. Now if it will maintain above 42500 then 43000 will act as next resistance level. On the other hand 41400 will act as a major support level.

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Crude showed bullish movement and found the important resistance level of 3645. Now if it will close above the important resistance level of 3675 then 3750 will act as next resistance level. On the other hand 3590 will act as a major support level.

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Copper showed bearish movement and found the important support level of 387. Now if it will close below the important support level of 387 then 380 will act as next support level. On the other hand 395 will act as a major resistance level.

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