Trading Strategy of Gold Market

Market Outlook
MCX Gold price resumes its negative trading clearly in its way towards our main waited target at 30950, the price to break the mentioned level, and then extend the bearish wave to reach 30700 as next station. MCX Copper price continues to providing new positive close within the bullish channel levels, to confirm its readiness to resume the bullish attack in case of gathering new positive momentum. The continuation of our bullish trend expectations in the upcoming sessions, which supports Crude Oil price, shows positive trading now to move above 4620 level.

Fundamental News

Precious metal prices fell on Wednesday, nearing their recent two-week lows as a stronger dollar and rising Treasury yields weighed on demand for the gold.

Steadying below the more than three-year highs reached the previous session, 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 bulish movement and found the major resistance level of 31450. Now if price maintains on higher level then it will test next resistance level of 31600. On other side 31200 will be major support level.

Silver showed sideways to bulish movement and found the major resistance level of 39700. Now if price maintains on higher level then it will test next resistance level of 40100. On other side 39200 will be major support level.

Crude oil was quilte volatile today and test its major resistance level of 4565. For upcoming session if it braks resistance level then it may give more bullish movement and test 4620 levels and on lower side it has major support level of 4500.

Copper showed sideways to bulish movement and found the major resistance level of 465.70. Now if price maintains on higher level then it will test next resistance level of 468. On other side 458 will be major support level.

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