MCX Gold today took some correction after yesterday’s bullish rally and made new low and we expect more downfalls in upcoming session up to next important support level of 30450. MCX Crude oil was quite volatile today and for upcoming session our view for crude oil will be bearish. MCX Copper trades on higher level today after strong downfall because it was not able to closed below its major support on daily chart and all other base metals are also gives some positive movement today and we expects more buying in next trading session.
Precious metals prices fell on Thursday as risk appetite recovered amid investor bets that recent tariff announcements by the U.S. and China are negotiating tactics and the countries will ultimately reach a compromise.
The Organization of the Petroleum Exporting Countries and its allies should maintain crude oil supply curbs to guarantee healthy price levels which will allow increased investment in the industry and help escape a big supply and price shock in the long run, OPEC member Qatar said.
Gold prices falls today and sustaining above level of 30500 now if it continues bearish trend then it can test support level of 30525 and if price sustains further then it can test next support level of 30408. On other side 30780 can be major resistance level.
Silver prices open lower today and made a low of 37940 but recover on second half of the day. Now if price sustains on higher levels then it can test resistance level of 38659 and 38847. On other side 37750 will be major support level.
Crude oil price opens higher shows bullish movement but remain bearish for the end of day. Now if it sustains on lower level then it can test support levels are 4098 and 4043. On the other side resistance level is 4162. Copper showed sideways to bullish movement and found the major resistance level of 443.50. Now if price sustains on higher level then it will test next resistance level of 446.15. On other side 428.65 will be major support level.
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