Base Metals Mcx Market Analysis by Experts

Market Outlook

MCX Gold price opens today’s trading with bearish bias after the bearish channel’s resistance proved its strength against the price’s recent positive rally, which supports the continuation of our bearish overview on the intraday and short term basis, oil price settles around 4770 level after the bullish rally that it witnessed yesterday, to keep the price stuck between 4770 resistance and 4670 support level, which keeps our neutrality valid until now, waiting to breach one of the mentioned levels to detect the next destination clearly.MCX Copper price kept the negative attempts due to its repeated stability below the resistance at 416, it begins to form new negative trading this morning, therefore we will keep waiting for renewing the pressure on the barrier at 402.

Fundamental News

On Thursday Gold prices slipped as tariff fears and rate hike views buoyed the U.S. dollar. On Thursday Oil prices extended gain after hitting a two-week high in the previous session, as data showed the U.S. commercial crude inventories dropped in the week to Aug. 17.

GOLD

Gold showed sideways to bearish movement and found the major support level of 29540. Now if price sustains on lower level then it will test next support level of 29423. On other side 29680 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 36535. Now if price sustains on lower level then it will test next support level of 36300. On other side 36785 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4788. Now if price sustains on higher level then it will test next resistance level of 4842. On other side 4734 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 412.55. Now if price sustains on higher level then it will test next resistance level of 417.80. On other side 405.25 will be major support level.

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