Upcoming MCX Market News 9th Oct 2017

Market Outlook

Gold prices rose on Friday supported by a dip in the dollar following nonfarm payrolls report that undershot forecasts but gains were capped as bullish wage growth lifted expectations for higher inflation. Crude oil prices settled lower on Friday as investor attention shifted to a potential disruption to energy infrastructure in the Gulf of Mexico as Tropical Storm Nate bears down on the region amid renewed oversupply concerns. The bulls seem back in control on the base metals, with breaking above resistance to challenge the January highs and copper breaking out of its base too and aluminum putting in a strong performance.

Fundamental News

The fresh strength in the dollar is weighing on the precious metals, recent signs of the base building have looked weak and bullion prices, along with gold prices look vulnerable.

Crude oil prices slumped to a weekly loss for the first time in four weeks as investors braced for a potential disruption to some oil production in the Gulf of Mexico as Tropical Storm Nate is expected to arrive at a Hurricane on Sunday.

Gold showed bullish movement and found the important resistance level of 29598. Now if it will close above the important resistance level of 29650 then 29900 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 39828. Now if it will close above the important resistance level of 40000 then 40500 will act as next resistance level. On the other hand, 39000 will act as a major support level.

Crude showed bearish movement and found the important support level of 3223. Now if it will close below the important support level of 3200 then 3150 will act as next support level. On the other hand, 3300 will act as a major resistance level.

Copper showed sideways to bearish movement and found the important support level of 438.20. Now if it will close below the important support level of 435 then 430 will act as next support level. On the other hand, 445 will act as a major resistance level.

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