Gold has given a rally on the back of rise in new cases of coronavirus. On the weekly chart, it has given a consolidation breakout. Going forward, sustained trades above 42700 is likely to take the price towards 43075-43275. On the lower end support is pegged at 43000/42500.Crude has recovered for the second consecutive week extending the gains of previous week. Going forward, price may move up 3800/3900. On the lower end price has support at 3700. MCX Copper has been range bound for the last few days as it failed to move significantly on a particular direction. On the lower end, support is seen at 427/424, whereas on the higher end, resistance seen at 433/437.
Global equity markets slumped on Friday as the fast-spreading coronavirus drove investors into safe-havens, with gold hitting a fresh seven-year high and the yield on the 30-year U.S. Treasury sliding to an all-time low.
Oil prices fell on Friday amid concerns over fuel demand as the coronavirus epidemic spread further beyond China, while major crude producers stood pat on any early action to cut output to support the market.
Gold showed bullish movement and major resistance around level of of 42790. Now if price maintains on higher level then it will test next resistance level of 43000. On other side 42000 will be major support level.
Silver showed bullish movement and major resistance around level of 48589. Now if price sustains below 47500 levels then it will test support level of 46500. On other side 49500 will be major resistance level.
Crude oil showed bullish movement and major resistance level of 3896. Now if price sustains on lower level then next support level is 3700. On other side 4000 will be major resistance level.
Copper showed bearish movement and found major support around level of 427.75. Now if price sustain on lower level then next support level will be 425. And 434 will be major resistance level.
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