Essential Data to Trade Mcx Market

Market Outlook

Precious metal price hovers around 29700 level since morning, we will keep our bearish overview that targets 1204.50 level 29550, oil price crawls downwards gradually to approach our first waited target at 4565, to keep the bearish trend scenario valid for today depending on the price stability below 4710 level, Mcx Copper price started to form new negative trades to approach the first target at 414, confirming the affection of the expected bearish bias domination. We need to break the current support to open the way to achieve additional negative targets.


Fundamental News

On Thursday Gold prices slipped after the dollar steadied after the Federal Reserve concluded a two-days policy meeting and gave an upbeat assessment on the U.S. economy. On Thursday crude oil prices settled lower Wednesday after data showed an unexpected build in U.S. crude stockpiles as imports increased and exports fell.

GOLD

Gold showed sideways to bearish movement and found the major support level of 29600. Now if price sustains on lower level then it will test next support level of 29500. On other side 29778 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 37855. Now if price sustains on lower level then it will test next support level of 37500. On other side 38190 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4764. Now if price sustains on higher level then it will test next resistance level of 4815. On other side 4592 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 418.50. Now if price sustains on higher level then it will test next resistance level of 421.55. On other side 412.25 will be major support level.


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