Gain Higher Profit With Best Commodity Tips| 20 Jan.

Market Outlook

MCX Gold gave positive breakout above the resistance levels on daily charts and closed higher. It is near to 40000 mark sustaining above which it may rise towards the next resistance of 40200. On lower side, 39700 is seen as immediate support below which 39500 is seen as major support. MCX Crude moved in sideways manner but resisted near 4200 in previous session. It needs to sustain above 4200 to move higher whereas support is seen in the range of 4100-4080. MCX Copper showed sluggish movements in the previous session and faced stiff resistance near 455. Support has been seen near 450 mark while 457 may resist it to move towards higher levels.

Fundamental News

Gold prices joined a melt-up in global markets on Friday as signs of an upturn in the Chinese economy and more solid U.S. figures triggered a rally across almost risk assets.

Oil prices were steady on Friday as reports of sluggish economic growth in China, the world’s biggest crude importer, raised concerns about future fuel demand and countered optimism from the signing of the Sino-U.S. trade deal earlier in the week. In the fourth quarter of 2019, the world’s second-largest economy increased by an expected 6% from a year earlier.

Gold showed bullish movement and major resistance around level of 39983. Now if price maintains on higher level then it will test next resistance level of 40300. On other side 39500 will be major support level.

Silver showed bullish movement and major resistance around level of 46970. Now if price maintains on higher level then it will test next resistance level of 47500. On other side 46000 will be major support level.

Crude oil showed bullish movement and major resistance level of 4204. Now if price sustains on lower level then it will test next support level of 4100. On other side 4300 will be major resistance level.

Copper showed sideways movement and found major support around level of 452.25. Now if price sustain on lower level then next support level will be 450. And 458 will be major resistance level.

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