MCX Gold price has faced selling pressure from higher levels during Wednesday’s session. Momentum indicator MACD has given negative crossover on the daily chart, which also indicates the downside move in the prices.It is looking bearish with a potential to reach 39,800. On Crude oil price has moved lower during the day.It is trading below its Parabolic SAR on the hourly chart. Crude oil prices are trading below its 20-day moving average. It is looking bearish with a potential to reach 3,570.MCX copper price has moved above its 100EMA on the hourly chart which is a positive sign for the metal. It is looking bullish with a potential to reach 438.
Oil increased from a one-year low toward $50 a barrel even as Saudi Arabia ran into Russian resistance in its push for further production cuts to combat a virus-driven demand decline.
Gold prices traded higher on Wednesday in Asia amid continuing worries about the outbreak of coronavirus.Concerns about the economic fallout of the coronavirus outbreak were cited as tailwinds for the yellow metal today.Meanwhile, the World Health Organization said it is confident the virus threat could be contained, noting that 99% of the cases are in China so far.
Gold showed bearish movement and major support around level of 39900. Now if price maintains on higher level then it will test next resistance level of 40500. On other side 39700 will be major support level.
Silver showed bearish movement and major support around level of 45350. Now if price maintains on higher level then it will test next resistance level of 46000. On other side 44800 will be major support level
Crude oil showed bullish movement and major resistance level of 3700. Now if price sustains on lower level then it will test next support level of 3550. On other side 3800 will be major resistance level.
Copper showed bullish movement and found major resistance around level of 436.40. Now if price sustain on lower level then next support level will be 425. And 440 will be major resistance level.
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