Expert View on Silver Market and MCX Tips

Market Outlook

Gold price keeps its stability below 1281.17 after the decline that it witnessed yesterday, which keeps the bearish trend valid now. We are waiting for positive trading in the upcoming sessions. Crude oil price bounced bullishly after touching the bullish channel’s support that appears on the above chart, to head towards resuming its main bullish track, waiting to breach 58.25 to confirm extending the bullish wathe bullish trend will be expected in the upcoming sessions. Today is expire NOV session of all base metals, Copper, Zinc, Lead and Aluminium in uptrend in morning session, Copper trading range for today is between 448 Support and 445 Resistance, Zinc trading range for today is between 202 Support and 206 Resistance, Lead trading range for today is between 156.50 Support and 160.50 Resistance.

Fundamental News

OPEC and non-OPEC oil producers look poised to agree at a meeting on Thursday to extend output cuts until the end of 2018, four OPEC sources said as the group seeks to clear a global glut of crude and avoid another price crash.

Gold prices lost 1% on Wednesday, pressured by upbeat U.S. growth data for the third quarter and Federal Reserve chair Janet Yellen’s bullish view of the economy monetary policy.

Gold showed sideways to bearish movement and found the major support level of 29050. Now if price sustains on a lower level then it will test next support level of 28935. On another side, 29300 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 37500. Now if price sustains on a lower level then it will test next support level of 37210. On another side, 38100 will be major resistance level.

Crude Oil showed sideways to bearish movement and found the major support level of 3665. Now if price sustains on a lower level then it will test next support level of 3631. On another side, 3755 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 436. Now if price sustains on a lower level then it will test next support level of 432. On another side, 445 will be major resistance level.

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