Today’s Targets and Levels For Best Outcome in Mcx Market

Market Outlook

MCX Gold traded in the same consolidated range on daily chart since last five consecutive sessions. Recovery from bottom levels can be seen till it sustains above 38000mark where 38700 is seen as important resistance. MCX Crude opened on a flat note and remained on lower side for early part of the session. However, it jumped from the resistance of 3750 and was keen to test the 3800 level on intraday charts. On lower side, 3690 is seen as crucial support below which bears may drag it further. MCX Copper was sustaining on lower levels after the weak closing in previous session. On lower side, 435 is seen as immediate support whereas 440 is marked as resistance.

Fundamental News

Gold held steady on Wednesday on uncertainty over U.S.-China trade talks and Britain’s exit from the European Union, ahead of minutes from the U.S. Federal Reserve’s September meeting, which could shed light on future interest rate cuts. Oil rose on Wednesday following media reports that China was open to agreeing a partial trade deal with the United States, while unrest in OPEC members Iraq and Ecuador also supported prices.

GOLD

Gold showed bearish movement and found major support around level of 38272. Now if price sustains on lower level then it will test next support level of 38000. On other side 38650 will be major resistance level.

SILVER

Silver showed bearish movement and found major support around level of 45827. Now if price sustains on lower level then it will test next support level of 45000. On other side 46800 will be major resistance level.

CRUDE

Crude oil showed bullish movement and found major resistance around level of 3827. Now if price sustains on higher level then it will test next resistance level of 3900. On other side 3700 will be major support level.

COPPER

Copper showed bullish movement and found major resistance around level of 439. Now, if price sustains on higher level then it will test next resistance level of 443. On other side 435 will be major support level.

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