Effective Daily Prediction of MCX Market

Market Outlook

MCX Gold price fluctuates within tight range since morning, settling below 31100 level, which supports the continuation of our bearish overview in the upcoming period, waiting to test 30650 level initially, Oil price achieved initial breach to 4350 level but it faced the key resistance 4420 and bounced bearishly from there, to fluctuate around the first level now, MCX Copper price successfully form the expected bullish attack to notice surpassing the first main target at 476, trading range for today is between 473 and 478.

Fundamental News

As risk appetite increased in the financial markets, precious metal prices down about 0.2%, the third daily loss, due to weak demand for safe havens assets. Oil prices inched higher in early action on Wednesday, as investors looked ahead to fresh weekly data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer & how fast output levels will continue to rise.

GOLD

Gold showed sideways to bearish movement and found the major support level of 30825. Now if price sustains on lower level then it will test next support level of 30700. On other side 31024 will be major resistance level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 40135. Now if price sustains on higher level then it will test next resistance level of 40220. On other side 39730 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4305. Now if price sustains on lower level then it will test next support level of 4275. On other side 4426 will be major resistance level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 482.50. Now if price sustains on higher level then it will test next resistance level of 502. On other side 473.10 will be major support level.

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