Free MCX Tips and Copper Market Updates

Market Outlook
Gold prices held firm on Thursday on the back of a weaker dollar and as appetite for risky assets such as equities waned ahead of a potentially tense meeting between US President Donald Trump and his Chinese counterpart. Oil prices fell on Thursday as record U.S. crude inventories underscored that markets remain bloated, although traders said there were signs that other regions were gradually tightening. U.S. fuel inventories and oil production levels are key to determine whether the United States will remain the world’s biggest oil importer, which is a price supporting indicator, or if its soaring production and bloated stocks lead to lower imports. All base metals prices saw slight increases for the second morning in a row during early trading.

Fundamental News
The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

The record crude inventories came as U.S. oil production rose 52,000 barrels per day (bpd) to 9.2 million bpd a more than 9 percent increase since mid-2016 to levels last seen at the start of the market slump in late 2014 and early 2015.

Gold showed bearish movement and found the important support level of 28700. Now if it will sustain below the important support level of 28650 then 28400 will act as next support level. On the other hand 29000 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 41950. Now if it will sustain below 41900 then 41500 will act as next support level. On the other hand 42500 will act as a major resistance level.

Crude showed sideways movement and found the important support level of 3300. Now if it will close below the important support level of 3290 then 3250 will act as next support level. On the other hand 3375 will act as a major resistance level.

Copper showed sideways movement and found the important support level of 380. Now if it will close below the important support level of 380 then 374 will act as next support level. On the other hand 390 will act as a major resistance level.

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