MCX Gold price settles above the previously breaked resistance line and closing above it 31120 level, it will be keep the bullish trend scenario active for the rest of the day, oil price resumes its positive trading to start testing the bullish flag’s resistance that its signs appear on the minor image, Mcx copper price didn’t get enough by testing the resistance at 447.50, to notice providing extra positive trading by recording 454 level in this last evening, while the price stability above 3.1000 will allow it to regain the bullish bias.
Precious metal prices pushed higher on Wednesday as a combination of concerns over ongoing trade tensions between the U.S. and China and the prospect of a U.S. military strike in Syria bolstered safe haven demand for the Gold.
Oil prices edged lower for the first time in three sessions on Wednesday, as investors looked ahead to fresh weekly data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise.
Gold showed sideways to bullish movement and found the major resistance level of 31220. Now if price sustains on higher level then it will test next resistance level of 31350. On other side 30880 will be major support level.
Silver showed sideways to bullish movement and found the major resistance level of 39600. Now if price sustains on higher level then it will test next resistance level of 39860. On other side 38650 will be major support level.
Crude oil showed sideways to bullish movement and found the major resistance level of 4400. Now if price sustains on higher level then it will test next resistance level of 4435. On other side 4230 will be major support level.
Copper price open higher and consolidate but remain bearish at the end of the day. Now if it remains at higher level then it can test resistance levels are 454.20 and 457.70. On the other side support level is 446.20.
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