Expert Advice for MCX and Calls

Market Outlook

Gold prices edged higher on Wednesday, moving away from the lowest level in almost two months, as simmering tensions on the Korean peninsula supported demand for safe-haven assets. Oil prices fell more than 1 percent on Wednesday, ending their longest bull run in more than five years, as climbing OPEC exports and a stronger dollar turned sentiment more bearish. The stronger tone in base metals from last week has run out of steam this week, the jump in copper stocks of late has not helped sentiment and there may have been some profit-taking/selling ahead of today’s LME option declaration.

Fundamental News

U.S. manufacturing data on Monday reinforced expectations for another rate hike by the Federal Reserve this year and helped the dollar index to rebound from Friday’s nine-month trough.

The rise in exports comes despite OPEC’s vow to rein in production until March 2018 and follows hot on the heels of Reuters’ monthly OPEC production survey which found output jumped to a 2017 high last month as OPEC members Nigeria and Libya continued to pump more.

Gold showed bearish movement and found the important support level of 28005. Now if it will close below the important support level of 28000 then 27700 will act as next support level. On the other hand, 28450 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 37219. Now if it will close below the important support level of 37000 then 36500 will act as next support level. On the other hand, 38000 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 2938. Now if it will close below the important support level of 2900 then 2850 will act as next support level. On the other hand, 3075 will act as a major resistance level.

Copper showed bearish movement and found the important support level of 381.05. Now if it will close below the important support level of 380 then 373 will act as next support level. On the other hand, 390 will act as a major resistance level.

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