Daily Commodity Tips & Market Updates

Market Outlook

MCX Gold opened gap down with negative bias as well as hovering in the small range if break its resistance of 38500 it may see next resistance of 38650. MCX Crude opened flat with negative bias but couldn’t sustain on lower level. Currently it sustains near resistance 4040 resiatance level. If it breaks 4065 level it may see Major resistance 4120 and on other side major support is 3750 of crude. MCX Copper opened flat with bullish note and brakes 442 level in the morning session. If it sustain above 442 it may see 445 as resistance on other hand if break 442 it may take support at 440 and major support is 431for November contract.

Fundamental News

Gold futures GC00, -0.31%  were holding above the $1,500 an ounce level on Tuesday and have climbed by 19% over the last 12 months.A surge in speculation led to an increase in gold demand in the third quarter, according to a World Gold Council report released Tuesday.

Oil prices rose on Tuesday on positive economic data and hopes for a Washington-Beijing trade deal that will lead to a de-escalation in tensions between the world’s top economies.

Gold showed bearish movement from major resistance around level of 37890. Now if price sustains on lower level then it will test next support level of 37800. 38200 will be major resistance level.

Silver showed bearish movement and found support around level of 45385. Now if price sustains on lower level then it will test next support level of 45000. On other side 46200 will be major resistance level.

Crude oil showed bullish movement and found major resistance around level of 4072. Now if price sustains on higher level then it will test next resistance level of 4150. On other side 3950 will be major support level.

Copper showed bullish movement and found major resistance around level of 445. Now if price sustains on higher level then it will test resistance level of 445. On other side 440 will be major support level.

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