Intraday Trading Tips For Commodity Market

Market Outlook

MCX Gold witnesses a gap up opening and remained stable at highs with a gain of more than 1%. If the bullion sustains above 38000 mark then it may further rise towards the resistance range of 38300-38500 whereas 37500 is seen as support from current levels. MCX Crude oil surged nearly 10% at a point on Monday and continued to stay at higher levels after news regarding attack on Saudi Arabia oil facilities at weekend. 4350 may act as near resistance while 4170 may act as crucial support. MCX Copper opened on a flat note and traded sideways for most part of the session. Immediate resistance seen ahead is 460 whereas 455 may act as support for it.

Fundamental News

Gold rose more than 1% on Monday after an attack on key oil facilities in Saudi Arabia inflamed worries over the stability of the Middle East, driving investors to seek refuge in assets seen as a haven from risk.

Oil prices surged nearly 20% at one point on Monday, with Brent posting its biggest intraday gain since the Gulf War 1991, after attack on Saudi Arabian oil facilities at the weekend halved the kingdom’s production. Prices came off their peaks after Donald Trump authorized the use of his country’s emergency stockpile to ensure stable supply.

GOLD

Gold showed bullish movement and found the major resistance level of 38200. Now if price sustains on lower level then it will test next support level of 38850. On other side 38500 will be major resistance level.

SILVER

Silver showed bullish movement and found the major resistance level of 47400. Now if price sustains on lower level then it will test next support level of 47000. On other side 47900 will be major resistance level.

CRUDE

Crude oil showed bullish movement and found the major resistance level of 4555. Now if price sustains on higher level then it will test next resistance level of 4700. On other side 4300 will be major support level.

COPPER

Copper showed bearish movement and found the major support level of 455. Now if price sustains on higher level then it will test next resistance level of 460. On other side 450 will be major support level.

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