Beneficial Tips & Reports For Commodity Market

Market Outlook

MCX Gold opened on lower note compared to previous close and sustained on lower side. It has been observed that 40000 is acting as strong resistance for the bullion and if it further drag then 38500 is seen as important support for it. MCX Crude oil opened near the resistances on daily chart and cross its important resistance of 4100. On lower side, closing below 4000 can result in more bears. MCX Copper showed strong closing in the previous session which supported to recover the losses during intraday session. Positive sentiments are expected till it sustains above 457 while support is seen near 450 for the metal.

Fundamental News

Gold eased on Wednesday as traders locked in gains after a 1% rise in the previous session, but prices stayed near multi-year highs on heightened fears of a global recession, as well as uncertainties around the Sino-U.S. trade spat and Brexit.

Oil prices recovered some ground on Wednesday, boosted on positive news from China’s services sector, having touched lowest in close to a month during the previous session on fears over the weakening global economy.

GOLD

Gold showed bearish movement and found the major support level of 38500. Now if price sustains on lower level then it will test next support level of 38000. On other side 39400 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 48645. Now if price sustains on lower level then it will test next support level of 48500. On other side 51000 will be major resistance level.

CRUDE

Crude oil showed bullish movement and found the major resistance level of 4153. Now if price sustains on higher level then it will test next resistance level of 4250. On other side 4000 will be major support level.

COPPER

Copper showed bullish movement and found the major support level of 456. Now if price sustains on higher level then it will test next resistance level of 460. On other side 450 will be major support level.

 

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