Today’s Gold Trend and MCX News

Market Outlook

Gold price ended yesterday’s trading at 1281.17 Level, as it closed the daily candlestick below this level after attempting to breach it in the previous sessions, trading range for today is between 1275.00 Support and 1295.00 Resistance. Crude oil price continued its negative trading now to 3565. The trading range for today is between 3565 Support and 3640 Resistance. Copper price confirmed its affection by the bearish correctional bias domination by providing new negative close below 442.50 Level, which forms the initial barrier against the bullish trading, to keep waiting for achieving the waited target at 436. The trading range for today is between 436 Support and 442 Resistance.

Fundamental News

Oil prices fell further on Wednesday, extending sharp losses from the previous session amid speculation weekly supply data due later in the day will show a large increase in U.S. crude inventories.

Gold prices were little changed in early deals on Wednesday, as investors looked ahead to U.S. inflation data to gauge how it will impact the Federal Reserve’s view on monetary policy in the months ahead.

Gold showed sideways to bearish movement and found the major support level of 29480. Now if price sustains lower level then it will test next support level of 29340. On another side, 29890 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 39580. Now if price sustains lower level then it will test next support level of 39180. On another side, 40100 will be major resistance level.

Crude Oil showed sideways to bullish movement and found the major resistance level of 3645. Now if price sustains on a higher level then it will test next resistance level of 3688. On another side, 3575 will be a major support level.

Copper showed sideways to bearish movement and found the major support level of 435.50. Now if price sustains lower level then it will test next support level of 431.80. On another side, 443.50 will be major resistance level.

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