Morning Market Updates of Gold Market 5th Nov.

Market Outlook

MCX Gold price’s rise stopped at the key resistance 31900, and begins to provide bearish rebound signals now, the bearish bias will be suggested for today unless the price rallied to breach 31900 level and hold above it. Oil price confirmed breaking 4650 level after closing the daily candlestick below it, which supports the continuation of our bearish overview in the upcoming period, MCX Copper price succeeded to hold within the bullish channel to notice forming bullish wave to approach the first target at 447, while the price gathers new positive momentum to increase the chances of surpassing the current barrier to confirm the continuation of the positivity.

Fundamental News

On Friday Gold prices fell while the dollar also slipped. The World Gold Council (WGC) said on Friday that central banks boosted their spending on gold to the highest level in almost three years.

Crude Oil prices inched down on Friday morning in Asia as the U.S., Saudi Arabia and Russia made efforts to raise crude output, easing market concerns over the impact on supply from U.S. sanctions on Iran sanctions that come into effect next week.

Gold showed sideways to bearish movement and found the major support level of 31600. Now if price sustains on lower level then it will test next support level of 31431. On other side 31835 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38444. Now if price sustains on lower level then it will test next support level of 38001. On other side 38840 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 4559. Now if price sustains on lower level then it will test next support level of 4525. On other side 4665 will be major resistance level. Copper showed sideways to bullish movement and found the major resistance level of 452.70. Now if price sustains on higher level then it will test next resistance level of 460.50. On other side 437.30 will be major support level.

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