Today’s Market Overview and Free MCX Tips

Market Outlook

Gold price resumes its positive trading clearly to approach our first waited target at 1357.50, waiting for more rise for the rest of the day, waiting to breach the mentioned level to push the price towards 1375.00 followed by 1404.00 as next main stations. Crude oil price did not show any strong move since morning, to continue fluctuating near the previously recorded top at 64.88, the bullish trend will remain valid and active in the upcoming sessions unless breaking 63.55 level and holding below it, trading range for today is between 63.50 support and 66.15 resistance. Copper price was forced to postpone the bullish attack by crawling below 3.2000 support line, to suffer some losses due to its stability at 3.1300 level, trading range for today is between 3.2000 and 3.000.

Fundamental News

Gold prices rose to their strongest level in more than four months on Wednesday, supported by a weaker U.S. dollar languishing at three-year lows. The greenback has been on the backfoot since the start of the year on rising expectations that central banks in Japan and the eurozone could pare their monetary stimulus.

Crude prices were largely unchanged on Wednesday, amid speculation weekly supply data due later in the day will show an increase in U.S. oil and fuel supplies. Oil prices finished higher on Tuesday amid ongoing optimism over global supply cuts. The U.S. benchmark hit its highest since Dec. 2014 on Jan. 16 at $64.89 a barrel.

Gold showed sideways to bullish movement and found the major resistance level of 30286. Now if price sustains on a higher level then it will test next resistance level of 30474. On another side, 29916 will be a major support level.

Silver showed sideways to bearish movement and found the major support level of 39860. Now if price sustains on a lower level then it will test next support level of 40051. On another side, 39086 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4163. Now if price sustains on a higher level then it will test next resistance level of 4198. On another side, 4100 will be a major support level.

Copper showed sideways to bearish movement and found the major support level of 457.90. Now if price sustains on a lower level then it will test next support level of 462.45.On another side, 447.00 will be major resistance level.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Comment

Your email address will not be published. Required fields are marked *