Today’s Gold Market Overview and Free MCX Tips

Market Outlook

Gold price begins today’s trading with calm positivity after the slight decline that it witnessed yesterday, waiting to test 1299.20 level initially, reminding you that breaching this level will confirm extending the bullish wave towards 1321.50 direct. We will keep our bullish trend expectations on the intraday basis. Crude oil price succeeded to confirm breaching 57.90 level and builds support base above 58.00$ barrier after closing the daily candlestick above it, which supports the continuation of our bullish trend expectations efficiently in the upcoming period. Copper price confirmed keeping the positive attempts by rallying above 449 level recently, we will keep waiting to record more targets that start at 454 followed by reaching 460, to face the bullish channel’s resistance.

Fundamental News

Oil prices were a bit lower on Thursday, OPEC’s most powerful internal alliance, bringing together the oil producer group’s Gulf members, is disintegrating fast.

Gold prices drifted lower in holiday-thinned trade on Thursday, but losses were capped on speculation the Federal Reserve might not tighten U.S. policy as aggressively as previously thought.

Gold showed sideways to bearish movement and found the major support level of 29350. Now if price sustains on a lower level then it will test next support level of 29220. On another side, 29550 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 39100. Now if price sustains on a lower level then it will test next support level of 38880. On another side, 39650 will be major resistance level.

Crude Oil showed sideways to bullish movement and found the major resistance level of 3825. Now if price sustains on a higher level then it will test next resistance level of 3852. On another side, 3772 will be a major support level.

Copper showed sideways to bullish movement and found the major resistance level of 453. Now if price sustains on a higher level then it will test next resistance level of 458. On another side, 447 will be a major support level.

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