Today’s Latest News for MCX Market

Market Outlook

Gold prices extended losses from the prior session on Wednesday, as hawkish comments from Federal Reserve Chair Janet Yellen boosted expectations of a December rate hike. Crude oil prices edged higher on Wednesday, staying within sight of their strongest level in months amid speculation weekly supply data due later in the session will show U.S. crude stockpiles declined for the first time in four weeks. The base metals are split into two camps with copper, aluminum, and nickel looking vulnerable, while lead and zinc prices look to be consolidating and well placed to push higher.

Fundamental News

The yellow metal lost around 1% on Tuesday after Yellen said the Fed needs to continue gradual rate hikes despite broad uncertainty about the path of inflation.

Oil futures finished lower Tuesday for the first time in three sessions, but losses were capped amid growing optimism that the crude market was well on its way towards rebalancing.

Gold showed bearish movement and found the important support level of 29662. Now if it will close below the important support level of 29600 then 29400 will act as next support level. On the other hand, 30150 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 39677. Now if it will close below the important support level of 39500 then 39000 will act as next support level. On the other hand, 40500 will act as a major resistance level.

Crude showed bullish movement and found the important resistance level of 3451. Now if it will close above the important resistance level of 3455 then 3500 will act as next resistance level. On the other hand, 3370 will act as a major support level.

Copper showed bullish movement and found the important resistance level of 429.55. 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.

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