Trade Safely With Gold Market Tips

Market Outlook

MCX Gold price succeeded to touch the correctional bullish channel’s support line that appears on the chart, showing some slight bullish bias now to approach testing the first key resistance 32100, oil price provide strong negative trades yesterday to press on 4300 level and attempts to break it, which supports the continuation of our bearish overview on the intraday and short term basis, MCX Copper price proofed its readiness to renew the bullish attempts by its stability above the bullish channel’s support at 429, so gaining a new positive momentum will push it to press on the initial barrier at 440.

Fundamental News

On Friday the dollar rallied last week after strong U.S. producer price index data became an endorsement for the Federal Reserve to raise interest rates again in December.

Crude Oil prices were down 1% on Tuesday on reports that U.S. President Donald Trump asked the Organization of the Petroleum Exporting Countries (OPEC) not to cut supply to drive up crude oil prices.

Gold showed sideways to bearish movement and found the major support level of 30751. Now if price sustains on lower level then it will test next support level of 30650. On other side 30919 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 36356. Now if price sustains on lower level then it will test next support level of 36000. On other side 36775 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 4136. Now if price sustains on lower level then it will test next support level of 4015. On other side 4333 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 428.35. Now if price sustains on lower level then it will test next support level of 424.15. On other side 441.40 will be major resistance level.

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