MCX Market News and Free Calls

Market Outlook

Gold prices held steady on Thursday, supported by a weaker dollar and consolidating the prior day’s gains after the Federal Reserve offered no surprises, while investors looked ahead to the release of the monthly jobs report and references regarding the U.S. central bank. The Fed kept U.S. overnight interest rates unchanged on Wednesday and highlighted “solid” economic growth at the conclusion of its two-day policy meeting. Oil prices fell for a second day running on Thursday as a surge in U.S. crude exports offset the data showing supplies of U.S crude oil and gasoline declined more-than-expected. All base metals showed bearish movement today and now for an upcoming session, it may give more bearish movement.

 

Fundamental News

Overnight, gold prices shrugged off a rebound in the dollar as traders continued to expect the Federal Reserve’s policy statement to show that Fed policymakers voted to leave rates unchanged at their Oct. 31- Nov. 1 meeting.

U.S. commercial crude oil inventories fell by 2.4 million barrels in the week to Oct. 27 to 454.9 million barrels, according to data from the Energy Information Administration (EIA) on Wednesday.

Gold showed sideways to bullish movement and found the major resistance level of 29400. Now if price sustains on the higher level then it will test next resistance level of 29520. On another side, 29180 will be the major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39950. Now if price sustains on the higher level then it will test next resistance level of 40150. On another side, 39450 will be the major support level.

Crude oil showed sideways to bearish movement and found the major support level of 3490. Now if price sustains on the lower level then it will test next support level of 3462. On another side, 3530 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 445. Now if price sustains on a lower level then it will test next support level of 441. On another side, 453 will be major resistance level.

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