Effective Market Reflection of MCX Market

Market Outlook

MCX Gold price ended yesterday’s trading below 31250 level, to stop the suggested positive scenario and moves confined between the mentioned resistance and 30850 support, oil price ended yesterday’s trading with strong negativity to retest the key support 4670 and keeps its stability above it, as it begins today with bullish bias to move above 4735 barrier, MCX Copper price did not show any action until this morning by consolidating above the support line, trading range for today is between 461 and 450.

Fundamental News

Precious metal prices edged lower on Tuesday as strength in the dollar continued to act as a headwind for the Gold. Making them more expensive for overseas buyers, a stronger dollar tends to hurt demand for gold and other dollar-denominated commodities. Oil prices were under pressure in early action on Tuesday, retreating from three-and-a-half-year highs, as investors waited on an announcement by President Donald Trump on whether the United States will pull out of the 2015 international nuclear deal and reinstate sanctions against Iran.

GOLD

Gold showed sideways to bearish movement and found the major support level of 31078. Now if price sustains on lower level then it will test next support level of 30990. On other side 31252 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 39530. Now if price sustains on lower level then it will test next support level of 39400. On other side 39933 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4560. Now if price sustains on lower level then it will test next support level of 4530. On other side 4732 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 449.30. Now if price sustains on lower level then it will test next support level of 448. On other side 460.90 will be major resistance level.

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