Today’s MCX Market Calls and Free News

Market Outlook

Gold price shows more bullish bias on its way towards our next waited for a target at 1299.20, to keep the bullish trend valid for today, noting that breaching this level will extend Gold price gains to reach 1321.49 and adds more confirmation to the return of the main bullish trend. Crude oil price returns to rise after approaching 59.00 barriers yesterday, which keeps the bullish trend scenario valid on the intraday and short-term basis, we believe that the way is open to head towards 62.25 that represents our next main target. Copper price hinted the affection of the bullish bias domination by reaching the first target at 3.2500, attempting to renew the chances of recording more targets by crawling towards 3.2850; the trading range for today is between 3.2000 and 3.3600.

Fundamental News

Gold rose for an eighth straight session on Wednesday as a weaker U.S. dollar encouraged investors to buy, and palladium hit another near 17-year peak on expectations of strong demand and short supplies.

Oil prices rose on Thursday, lifted by strong data from top importer China amid thin trading activity ahead of the New Year weekend. Around 100,000 barrels per day (bpd) in oil supplies were disrupted in Libya this week after an attack on a pipeline.

Gold showed sideways to bullish movement and found the major resistance level of 29100. Now if price sustains on a higher level then it will test next resistance level of 29260. On another side, 28860 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39000. Now if price sustains on a higher level then it will test next resistance level of 39320. On another side, 38600 will be a major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3850. Now if price sustains on a higher level then it will test next resistance level of 3890. On another side, 3800 will be a major support level.

Copper showed sideways to bullish movement and found the major resistance level of 473. Now if price sustains on a higher level then it will test next resistance level of 477. On another side, 465 will be a major support level.

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