Accurate Gold & Silver Targets in MCX Market

Market Outlook

MCX Gold price did not show any strong move since morning, to continue fluctuating around 30800 level, thus, no change to the bearish trend scenario that depends on holding below 31100, oil price tests 4485 level, and as long as the price is below this level, our bearish overview will remain valid,  MCX copper hinted some positive stability above 457.50 level, we recommend to continue monitoring the price behavior in the near term period until confirming the main trend to avoid any losses that might appear due to the current sideways fluctuations.

Fundamental News

Precious metal prices slipped on Wednesday amid a steady dollar and firmer equities. Crude Oil prices edged higher on Wednesday, Crude oil inventory data will also offer fresh indications on how fast domestic output levels continue to rise.

GOLD

Gold showed sideways to bearish movement and found the major support level of 30750. Now if price sustains on lower level then it will test next support level of 30673. On other side 31026 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 39535. Now if price sustains on lower level then it will test next support level of 39461. On other side 39750 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4529. Now if price sustains on higher level then it will test next resistance level of 4575. On other side 4430 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 454.70. Now if price sustains on lower level then it will test next support level of 450.85. On other side 460.95 will be major resistance level.

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