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Market Outlook

MCX Gold price showed positive movement on Wednesday, if price attempting to breach 32300 levels then it will regain the main bullish trend again. MCX Crude oil provides slight positive movement amd if price trades above 4500 levels in upcoming session then it will continue with this positivity up to next resistance of 4550 and if it takes correction from higher levels than it can find correctional level at 4400. MCX Copper was quite volatile and price moves in between 450-440, if price trades above 450 in next session then bullish bias will resumes up to next resistance of 455 and lower side it has immediate support of 445 and below this level 440 will act as a next support.

Fundamental News

Gold prices edged lower on Wednesday, but traded near the previous session’s two-week peak as equities slipped after the International Monetary Fund cut its global growth outlook and on trade tensions between the United States and Europe.

Crude Oil prices rose on Wednesday back towards five-month highs hit the previous day as OPEC production cuts and U.S. sanctions on Iran and Venezuela continued to tighten supply, although economic worries increased.

Gold showed sideways to bullish movement and found the major resistance level of 32300. Now if price sustains on higher level then it will test next resistance level of 32450. On other side 32050 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 37950. Now if price sustains on higher level then it will test next resistance level of 38250. On other side 37600 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4490. Now if price sustains on higher level then it will test next resistance level of 4560. On other side 4430 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 446. Now if price sustains on lower level then it will test next support level of 442. On other side 451 will be major resistance level.

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