Updated Prediction Of All Segment of Mcx Market

Market Outlook

Gold prices extended weak for the fourth consecutive day to touch Rs 43500. Investors seek refuge in the yellow metal on worries of coronavirus spreading across the globe and its impact on the economy. Crude Oil slid as worries about demand for fuel being sapped by the global coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices. Copper trade in range bound and settled with bearish bias. One can expect upside movement if it crosses immediate resistance mark of 432 and immediate support mark is 425.

Fundamental News

Gold prices rose on Wednesday after a steep fall in the previous session, as doubts about a stimulus package proposed by U.S. President Donald Trump to soften the economic impact of the coronavirus epidemic weighed on risk sentiment.Oil prices climbed for a second day on Wednesday, lifted by hopes that U.S. producers will cut output, but gains were limited compared with Monday’s crash after Saudi Arabia and Russia triggered a price war.

GOLD

Gold showed bearish movement, found major support around level of 43275. Now if price maintains on higher level then it will test next resistance level of 44000. On other side 43000 will be major support level.

SILVER

Silver showed bearish movement and major support around level of 45719. Now if price sustains below 45500 levels then it will test support level of 45000. On other side 47000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and major support level of 2446. Now if price sustains on lower level then next support level is 2300. On other side 2700 will be major resistance level.

COPPER

Copper showed bearish movement and found major support around level of 424. Now if price sustain on lower level then next support level will be 420. And 430 will be major resistance level.

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