Experts Advice for MCX and Crude Oil Market

Market Outlook

Gold prices edged higher on Wednesday, extending gains into a third-straight session, as investors awaited comments from Federal Reserve Chair Janet Yellen for fresh cues on policy direction. Oil rose above $48 a barrel on Wednesday in response to a fall in U.S. fuel inventories and a cut in the U.S. government’s forecast for crude output next year which raised hopes that a supply glut is easing. Base metals prices are on the rise again today, the spell of weakness seen last week seems to have passed. Zinc is leading the advance with prices pushing up to levels not seen since March, copper prices have gapped higher and the rest look well placed to rebound.

Fundamental News

The sell-off in the precious metals prices also seems to have run their course, with underlying tails on recent days’ candlesticks suggesting dip-buying interest.

World demand for OPEC’s crude will decline next year as U.S. shale producers and other rivals pump more, OPEC said on Wednesday, suggesting the oil market will see a surplus in 2018 despite an OPEC-led output cut.

Gold showed bullish movement and found the important resistance level of 27977. Now if it will close above the important resistance level of 28000 then 28400 will act as next resistance level. On the other hand, 27600 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 37190. Now if it will close above the important resistance level of 37200 then 37800 will act as next resistance level. On the other hand, 36000 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 3000. Now if it will close above the important resistance level of 3000 then 3075 will act as next resistance level. On the other hand, 2830 will act as a major support level.

Copper showed bullish movement and found the important resistance level of 385.75. Now if it will close above the important resistance level of 386 then 390 will act as next resistance level. On the other hand, 375 will act as a major support level.

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