Today’s Market Analysis and Free MCX Tips

 

 

Market Outlook

Gold price ended yesterday’s trading above 1335.40 level, which opens the way to return to the main bullish trend, waiting for more rise in the upcoming sessions, and the next target is represented by testing the previously recorded top at 1365.97. Crude oil price confirmed breaking 64.20 level after closing the daily candlestick below it, the price under the negative pressure on the intraday and short term basis, to start the negative targets at 62.65 and extend to 60.70. the bearish trend will be suggested in the upcoming sessions unless the price managed to breach 64.20 level and hold with a daily close above it. Copper price failed to provide any new positive rally, to fall under the effect of the sideways bias again due to the lack of the bullish momentum until this moment, Zinc price in negative bias today, price under the negative pressure on the intraday upcoming session’s price managed to breach 224.90 level and close below it.

Fundamental News

Gold prices gained in Asia on Tuesday as safe-have demand for the precious metal came to the fore following a rout in US stocks that carried over into the region and sent Tokyo down as much as 5%,

 

Oil prices dropped by more than 1 percent on Tuesday, extending falls from the previous session as global financial markets tumbled lower in the wake of one of the biggest intra-day falls ever registered on Wall Street.

Gold showed sideways to bearish movement and found the major support level of 30052. Now if price sustains on lower level then it will test next support level of 29850. On other side 30464 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38253. Now if price sustains on lower level then it will test next support level of 37980. On other side 39114 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4140. Now if price sustains on higher level then it will test next resistance level of 4197. On other side 4063 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 451. Now if price sustains on lower level then it will test next support level of 445. On other side 457 will be major resistance level.

 

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