Beneficial Commodity Trading Tips & Market Updates

Market Outlook

MCX Gold continued the bears so seen in the previous session from the key resistance level of 38400. Any closing below 38000 can be a weak signal for the bullion where deeper supports are seen in the range of 37900-37750. On higher levels, 38500 may act as strict resistance for the counter. MCX Crude after a bullish rally in the previous session sustained at higher levels and hovered around the resistance of 4200. Now, it is at a crucial point where any dips can drag it towards 4100 whereas 4250 is seen as major resistance. MCX Copper showed sideways movement after rebounding from support levels in the previous session. 435 is seen as major resistance moving ahead.

Fundamental News

Gold prices edged up on Thursday as conflicting signals from Washington and Beijing prolonged the uncertainty about a trade deal, a day after positive comments by U.S. President Donald Trump knocked the bullion off its one-month high. Oil prices fell in muted trading ahead of OPEC talks in Vienna later on Thursday, trimming some of the sharp gains made the previous session on both the possibility of producers agreeing further output cuts and a sharp drop in U.S. crude inventories.

GOLD

Gold showed bearish movement and major support around level of 37950. Now if price sustains on higher level then it will test next resistance level of 38500. On other side 37500 will be major support level.

SILVER

Silver showed bearish movement and major support around level of 44270. Now if price sustains on higher level then it will test next resistance level of 45000. On other side 44000 will be major support level.

CRUDE

Crude oil showed bullish movement and major resistance level of 4215. Now if price sustains on lower level then it will test next support level of 4100. On other side 4250 will be major resistance level.

COPPER

Copper showed bullish movement and found major resistance around level of 432.50. Now if price sustain on lower level then next support level will be 428. And 435 will be major resistance level.

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