Latest Market Report on MCX

Market Outlook
MCX Gold price fluctuates within sideways track since morning, no change to the bullish trend scenario that its first target located at 31560, oil price settles above 4420 barrier, waiting to get enough positive momentum to push trades to achieve more gains in the upcoming period.Metal price repeated providing intraday sideways to bullish trading, the stability of the support at 455 confirm the readiness for resuming the bullish attack in the upcoming trading.

Fundamental News

Mcx Gold prices edged lower on Wednesday weighed down by gains in the dollar and improving risk appetite which dampened safe haven demand for bullion. The Gold was also held in check by the prospect higher interest rates.

Amid speculation weekly supply data due later in the day will show a big drawdown in U.S. oil supplies. Crude prices continued to track higher on Wednesday.

Gold showed sideways to bullish movement and sustaining near 31570 now if it continues bullish movement then it can test resistance level of 31630 and if price sustains further then it can test next resistance level of 31765. On other side 31300 can be major support level.

Silver showed sideways to bullish movement and sustaining near 40350 now if it continues bullish movement then it can test resistance level of 40500 and if price sustains further then it can test next resistance level of 40780. On other side 39200 can be major support level.

Crude oil showed sideways to bullish movement and sustaining near psychological level of 4470 if it continues further bullish run it can test resistance levels of 4500 and 4535. On other side 4340 can be major support level.

Copper price opens higher shows some consolidation but overall remain bullish on charts. Now if it sustains on higher level than it can test resistance levels are 462 and 466. On the other side 445.90 is support 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Your email address will not be published.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 *