Beneficial Commodity Market Updates

Market Outlook

MCX Gold showed sideways movement within specific range for most part of the session. It resisted near important resistance of 38000 and traded below it since last session. Closing above 38000 can further result in up move whereas weakness can be seen below the immediate support of 37700. MCX Crude showed choppy trade and maintained in the resistance range above 4200. Now, next resistance seen ahead is 4300 whereas 4250-4210 may act as good support range. MCX Copper showed sideways trend and sustained on higher note. 445 is till acting as strong resistance seen ahead whereas any closing below the support of 441 may result in bears for the metal.

Fundamental News

Gold prices were rangebound on Tuesday, as lack of concrete details about the interim U.S.-China trade deal kept investors from making firm bets, while palladium was just $2 away from surpassing key $2,000 per ounce level for the first time.

Oil prices trickled a fraction lower on Tuesday but remained near a three-month high as investors kept the faith with hopes that a fully fledged U.S.-China trade deal is in the pipeline, set to stoke oil demand in the world’s biggest economies.

Gold showed bullish movement and major resistance around level of 37980. Now if price maintains on higher level then it will test next resistance level of 38200. On other side 37700 will be major support level.

Silver showed bullish movement and major resistance around level of 44642. Now if price maintains on higher level then it will test next resistance level of 45000. On other side 44000 will be major support level.

Crude oil showed bullish movement and major resistance level of 4337. Now if price sustains on lower level then it will test next support level of 4250. On other side 4400 will be major resistance level.

Copper showed bearish movement and found major support around level of 442.35. Now if price sustain on lower level then next support level will be 440. And 445 will be major resistance level.

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