MCX Market Todays Updates

Market Outlook
Gold price shows sideways trading since morning, keeping its stability below 1335.40 level, which keeps the bearish trend scenario active for today, Expected trading range for today is between 1310.00 support and 1335.00 resistance. Crude oil price shows negative trading now to move below 62.65, affected by stochastic negativity, which might push the price to test 61.40 areas before turning back to rise again. Copper price did not record any positive target as it surrendered to the domination of the sideways bias; continue suggesting the bullish bias domination and wait to reach the positive targets at 3.3200 followed by 3.5300.

Fundamental News
High local prices hit physical gold demand in India this week while activity in most other Asian centers remained subdued due to the Lunar New Year holiday. Muted activity in other major Asian regions due to holidays.

India is seeking a reasonable price for crude oil from Saudi Arabia, India and Saudi Arabia also discussed investment opportunities in a proposed oil refinery on the west coast of India with a capacity of 1.2 million barrels per day and a petrochemicals project in the southern city of Kakinada.

Gold showed sideways to bullish movement and found the major resistance level of 30800. Now if price sustains on higher level then it will test next resistance level of 31000. On other side 30300 will be major support level.

Silver showed sideways to bearish movement and found the major support level of 38000. Now if price sustains on lower level then it will test next support level of 37700. On other side 39800 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4197. Now if price sustains on higher level then it will test next resistance level of 4248. On other side 4044 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 463. Now if price sustains on higher level then it will test next resistance level of 466. On other side 456 will be major support level.

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