Latest MCX Market Report and Analysis | 19-Nov

Market Outlook
MCX Gold price traded with clear positivity to move away from 31100, reinforcing the expectations of continuing the bullish trend in the upcoming sessions, oil price attempted to breach 4190 but it bounced bearishly to keep its stability below it, which makes us keep our bearish overview on the intraday and short term basis, MCX Copper price continued to provide bullish trades recently to notice its frequent consolidation above 434 level, the bullish overview by providing new positive momentum to increase the chances of surpassing the mentioned barrier and target new positive levels by rallying towards 452.

Fundamental News
Precious metal bears have hoped to send gold sharply below $1,200, a support in place since September, to exploit further weakness in the $1,100 levels.

Crude Oil bears are back to taunting Saudi Arabia by pressuring the market again, just two days after giving a reprieve to the record self off in crude.

Gold showed sideways to bullish movement and found the major resistance level of 31147. Now if price sustains on higher level then it will test next resistance level of 31370. On other side 30810 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 37155. Now if price sustains on higher level then it will test next resistance level of 37605. On other side 36680 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4205. Now if price sustains on higher level then it will test next resistance level of 4333. On other side 4052 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 444.20. Now if price sustains on higher level then it will test next resistance level of 447.85. On other side 434.15 will be major support level

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