Upcoming MCX Market News 8 Jan 2018

Market Outlook

Gold price returns to test 1321.49 level line attempts to breach it, which supports the continuation of our bullish overview on the intraday and short-term basis, waiting to confirm opening the way to head towards our next target at 1357.53. Crude oil price hovers around 61.50 level, the chances of resuming the main bullish trend, which its next main target located at 63.40, noting that the EMA50 keeps providing the positive support to the price. Copper price continued to face the negative pressures until this moment to notice its fluctuation above the initial support 3.2000 while resuming the main bullish attack needs strong positive momentum to manage to get rid of the bearish bias domination and start recording the main targets at 3.4400 followed by reaching 3.5400.

Fundamental News
Gold dipped in choppy trading on Friday as traders cashed in gains from the metal’s rally to 3-1/2-month highs this week and as the dollar rose even after weaker-than-expected U.S. payrolls data for December. Gold still on track for the fourth week of gains, U.S. non-farm payrolls data missed forecasts.
Oil had its strongest opening week for any year since 2013 as refiners and exporters whittled away at crude inventories tucked away in U.S. storage tanks. See also: Saudi Aramco Cuts Oil Pricing to the U.S. amid Record-Low Supply.

Gold showed sideways to bullish movement and found the major resistance level of 29294. Now if price sustains on a higher level then it will test next resistance level of 29384. On another side, 29085 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39490. Now if price sustains on a higher level then it will test next resistance level of 39761. On another side, 39011 will be a major support level.

Crude Oil showed sideways to bearish movement and found the major support level of 3843. Now if price sustains on a lower level then it will test next support level of 3815. On another side, 3927 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 448.15. Now if price sustains on a lower level then it will test next support level of 443.95. On another side, 455.00 will be major resistance level.

 

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