Live Mcx Tips For Indian Commodity Market

Market Outlook:

Gold prices inched higher on Thursday, but held near their lowest level in around eight weeks amid growing expectations for a U.S. interest rate hike next month. Oil prices edged higher on Thursday, extending their biggest one-day jump since December after U.S. government data revealed the largest weekly decline in crude supplies so far this year. Crude sank to a five-month low earlier this week, rattled by concern over increasing U.S. crude output that has shaken investors’ faith in the ability of OPEC to re balance the market. The base metals are trying for higher but they remain in downward trends and therefore there is a danger that these rally attempts run into further selling.

Fundamental News:

1). Despite the bounce in gold futures, overall sentiment remained fairly negative as it is widely expected that the Federal Reserve will hike interest rates in June.

2). OPEC is expected to decide at talks on May 25 whether to extend the current deal to cut production for an additional six-month to the end of the year.

Gold showed sideways to bearish movement and broke the important support level of 28000. Now if it will close below the important support level of 27900 then 27700 will act as next support level. On the other hand 28300 will act as a major resistance level.

Silver showed sideways to bearish movement and found the important support level of 37861. Now if it will close below the important support level of 37700 then 37100 will act as next support level. On the other hand 38500 will act as a major resistance level.

Crude showed bullish movement and found the important resistance level of 3112. Now if it will close above the important resistance level of 3120 then 3150 will act as next resistance level. On the other hand 3050 will act as a major support level.

Copper showed sideways movement and find the important support level of 358. Now if it will close below the important support level of 355 then 350 will act as next support level. On the other hand 365 will act as a major resistance level.

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