MCX Gold price has moved higher from lower levels during session. Momentum indicator RSI has shown positive crossover on the hourly chart, which also supports our bullish view in the commodity. Gold is looking bullish with a potential to reach 41,200. On Crude oil price has moved lower during the day. Technically it is traded below 8 days EMA which support bearish view. One can expect further downside movement if it breaches immediate support mark of 3660. MCX price is trading below its Parabolic SAR, which indicates short term trend remains negative. Copper is looking bearish with a potential to reach 421.
Oil prices rose on Friday but were still set for a fourth consecutive weekly loss, as markets attempted to assess the economic damage of the coronavirus that has spread from China to around 20 countries, killing more than 200 people.
Prices of the safe-haven gold traded lower on Friday after the World Health Organization (WHO) expressed in China’s ability to control the virus outbreak. China’s positive PMI data also pushed gold prices lower.
Gold showed bullish movement and major resistance around level of 41000. Now if price maintains on higher level then it will test next resistance level of 41400. On other side 40500 will be major support level.
Silver showed bullish movement and major resistance around level of 46966. Now if price maintains on higher level then it will test next resistance level of 47500. On other side 46200 will be major support level.
Crude oil showed bearish movement and major support level of 3719. Now if price sustains on lower level then it will test next support level of 3650. On other side 3850 will be major resistance level.
Copper showed bearish movement and found major support around level of 425.90. Now if price sustain on lower level then next support level will be 422. And 430 will be major resistance level.
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