Expert Analysis on Gold Market Trading

Market Outlook

MCX Gold price retested the previously breached resistance of the bullish level and keeps its stability above it, we will continue to suggest the bullish trend in the upcoming sessions. Oil price settles below 5120 level that represents our suggested target in our previous reports, which opens the way to continue the decline in the upcoming period, In the copper price trades there is no change, as it settles above the initial support 446, expecting to start forming new bullish attack it will extend trades towards achieving more targets that start at 457.

Fundamental News

On Wednesday morning Precious metal prices slipped in Asia, easing back from the three-month highs reached in the previous session amid hightened geopolitical tensions.

Crude Oil prices rebounded on Wednesday after plunging as much as 5% in the previous session as Saudi Arabia said it would keep markets supplied despite the upcoming U.S. sanctions against Iran.

Gold showed sideways to bearish movement and found the major support level of 31785. Now if price sustains on lower level then it will test next support level of 31670. On other side 32029 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38782. Now if price sustains on lower level then it will test next support level of 38525. On other side 39128 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4978. Now if price sustains on higher level then it will test next resistance level of 5100. On other side 4853 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 447.10. Now if price sustains on lower level then it will test next support level of 443.95. On other side 453.95 will be major resistance level.

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