Today’s Market Overview and Free MCX Calls

Market Outlook

The gold price closed yesterday’s trading above 1281.17 level, which opens the door to stop the correctional bearish pressure that dominated the recent trades and return to the main bullish trend, we expect the price to head to achieve gains in the upcoming sessions. Crude oil price returns to test the bullish flag resistance that appears on the chart, waiting to confirm the breach to activate the positive effect of the mentioned pattern followed by resuming the main bullish trend, as the next target is located at 3780. Copper price continues to provide strong negative pressures on the initial support level attempting to surpass 442.65 Level. The trading range for today is between 447 and 437.50.

Fundamental News

Gold prices held steady near three-week highs on Thursday, as uncertainty over a major U.S. tax reform bill continued to weigh on the dollar, while geopolitical tensions lingered.

Oil prices held steady on Thursday after falling late in the previous session, supported by ongoing supply cuts led by OPEC and Russia. However, traders said a price rally that has pushed up Brent crude by over 40 percent since July may have run its course due to increases in U.S. supplies and some indicators of a demand slowdown.

Gold showed sideways to bullish movement and found the major resistance level of 29670. Now if price sustains on a higher level then it will test next resistance level of 29780. On another side, 29430 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 40000. Now if price sustains on a higher level then it will test next resistance level of 40320. On another side, 39400 will be a major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3750. Now if price sustains on a higher level then it will test next resistance level of 3778. On another side, 3680 will be a major support level.

Copper showed sideways to bearish movement and found the major support level of 439. Now if price sustains lower level then it will test next support level of 435. On another side, 445 will be major resistance level.

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