Commodity MCX Trend For Huge Return 17 Dec.

Market Outlook

MCX Gold price keeps pressing negatively to break 1238.30 level and attempts to settle below it, thus, we need to monitor the daily close according to this level, as holding below it will push the price to achieve more decline and target 31550 areas mainly, oil price resumes its negative trading to start pressing on 3720 level, which supports the continuation of our bearish overview for the upcoming period,MCX Copper price lacked the positive momentum in the recent trades, which forced it to postpone the bullish attack and forms new sideways fluctuation by settling at 439.

Fundamental News

 On Friday it had to be one safe-haven or the other and the dollar triumphed at the expense of gold as signs of slowing growth in China sparked risk aversion across the globe.

On weekend Yo-yo days are back in oil, with the market falling as much in a day as it rose previously, as global growth fears offset bullish energy fundamentals.

GOLD

Gold showed sideways to bearish movement and found the major support level of 31503. Now if price sustains on lower level then it will test next support level of 31350. On other side 31640 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 37980. Now if price sustains on lower level then it will test next support level of 37700. On other side 38297 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 3673. Now if price sustains on lower level then it will test next support level of 3559. On other side 3799 will be major resistance level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 442.90. Now if price sustains on higher level then it will test next resistance level of 447.20. On other side 437.10 will be major support level.

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