Future MCX Tips for Crude Oil

Market Outlook

Gold prices bounced off their lowest level in more than two weeks on Thursday, as the dollar took a breather after its recent rally ahead of a key European Central Bank meeting later in the day.Crude oil prices edged lower on Thursday, after data from the U.S. Energy Information Administration showed domestic crude stockpiles increased for the first time in five weeks.U.S. natural gas futures initially pared losses in North American trade on Thursday, after data showed that natural gas supplies in storage in the U.S. rose slightly less than expected last week. Total U.S. natural gas storage stood at 3.710 trillion cubic feet, 4.8% lower than levels at this time a year ago and 1.2% below the five-year average for this time of year.

Fundamental News

The yellow metal recovered from an early decline to eke out a small gain Wednesday as the dollar and stocks lost some steam after a recent rally.

Crude oil inventories rose by 856,000 barrels, according to the EIA, marking the first increase in five weeks. That compared with analysts’ expectations for a decline of 2.6 million barrels.

Gold showed sideways bearish movement and found the support level of 29240 and upside it took resistance level of 29500. Now if price sustains below 29240 then 29150 will act as a next support level and up-side 29615 will act as a next resistance level.

Silver showed sideways to bearish movement and found the major support level of 39250. Now if price sustains on a lower level then it will test next support level of 39000. On another side, 39700 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 3370. Now if price sustains on a lower level then it will test next support level of 3338. On another side, 3430 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 452. Now if price sustains on a lower level then it will test next support level of 448. On another side, 460 will be major resistance level.

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