Daily Updates of MCX Market and Calls

Market Outlook

Gold prices bounced higher on Wednesday, as the U.S. dollar weakened ahead of the Federal Reserve’s highly-anticipated monthly policy decision due later in the day. Crude oil prices continued to climb on Wednesday, amid hopes for additional global supply cuts, while traders eyed the release of weekly U.S. stockpiles data due later in the day. Aluminium prices suffered the least during last week’s correction and prices are now leading on the upside and extending gains. Lead prices are looking strong, followed by copper and zinc prices, while nickel appears to have run into enough buying to halt its price slide.

Fundamental News

The precious metal also strengthened amid potentially higher tensions between the U.S. and North Korea following harsh statements from U.S. President Donald Trump.

The oil price is on course for a rise of 15.5 percent this quarter, which would make this year’s performance the strongest for the third quarter since 2004.

Gold showed bullish movement and found the important resistance level of 29784. Now if it will close above the important resistance level of 29800 then 30000 will act as next resistance level. On the other hand, 29300 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 40340. Now if it will close above the important resistance level of 40400 then 40800 will act as next resistance level. On the other hand, 39000 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 3298. Now if it will close above the important resistance level of 3300 then 3350 will act as next resistance level. On the other hand, 3200 will act as a major support level.

Copper showed bullish movement and found the important resistance level of 427.40. Now if it will close above the important resistance level of 430 then 435 will act as next resistance level. On the other hand, 415 will act as a major support level.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

 

Leave a Comment

Your email address will not be published. Required fields are marked *