Accurate MCX Tips – An Introduction 4 September

Market Outlook

Gold prices remained close to nine-and-a-half-month highs on Friday, shrugging off a rebound in the dollar, as a weak nonfarm payrolls report fuelled demand for the precious metal. Gold pared some its gains, following its move to a nine-and-half-month high, as market participants downplayed the impact weak job and wage growth in August could have on the Federal Reserve’s plans to hike rates later this year. Crude futures settled modestly higher on Friday, but posted a weekly loss, as the shutdown of several refineries in the wake of tropical storm Harvey weighed on refinery activity reducing demand for oil.

Fundamental News

Gold is sensitive to moves lower in both bond yields and the U.S. dollar – lower dollar makes gold cheaper for holders of foreign currency while a fall in U.S. rates; reduce the opportunity cost of holding non-yielding assets such as bullion.

Retail U.S. gasoline prices hit two-year highs and global shipping routes were scrambled as the nation’s largest refiners remained shutting on Friday, even as Storm Harvey lost strength.

Gold showed bullish movement and found the important resistance level of 29880. Now if it will close above the important resistance level of 30000 then 30300 will act as next resistance level. On the other hand 29500 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 40970. Now if it will close above the important resistance level of 41000 then 41500 will act as next resistance level. On the other hand 40000 will act as a major support level.

Crude showed sideways to bearish movement and found the important support level of 2984. Now if it will close below the important support level of 2980 then 2935 will act as next support level. On the other hand 3050 will act as a major resistance level.

Copper showed sideways to bullish movement and found the important resistance level of 442.25. Now if it will close above the important resistance level of 445 then 450 will act as next resistance level. On the other hand 430 will act as a major support level.

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