Fundamental Daily Commodity Tips & Market Updates 22-Oct-2019

Market Outlook

MCX Gold traded in sideways manner and in the same range as of last few sessions. It again resisted near 38250 for the last few consecutive sessions and any breakouts above it can lead it to next resistance of 38500 while 37900 is seen as major support. MCX Crude opened on a weak note and continued to remain on lower side for most part of the session. On lower side, 3700 is seen as the key support for it whereas 3900 is seen as major resistance. MCX Copper took support its previous swing and sustain above higher range. It is expected to take intraday support around 436 and show a pull back towards the resistance of 444. 

Fundamental News

Gold prices dipped on Friday as investors booked profit after the European Union forged a new Brexit deal with Britain, though a floor was kept under prices by uncertainties over trade negotiations and the global economy.Oil prices rose slightly on Friday as concern over an economic slowdown in China, the world’s biggest oil consumer, was countered by bullish signals from both the Chinese and US refining sectors.

GOLD

Gold showed bearish movement and found major support around level of 37965. Now if price sustains on lower level then it will test next support level of 37600. On other side 38500 will be major resistance level.

SILVER

Silver showed bullish movement and found major resistance around level of 45562. Now if price sustains on lower level then it will test next support level of 44500. On other side 46000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and found major support around level of 3800. Now if price sustains on higher level then it will test next resistance level of 3900. On other side 3750 will be major support level.

 

COPPER

Copper showed bearish movement and found major support around level of 436.60. Now, if price sustains on higher level then it will test next resistance level of 445. On other side 436 will be major support level.

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