Free MCX Tips | GST Updates on Gold Market

Market Outlook:

Gold prices slipped on Friday, to trade near an eight-week low as a stronger U.S. dollar weighed on demand for the precious metal and as investors were focusing on the upcoming report on U.S. non farm payrolls due later in the day. U.S. oil moved sharply lower on Friday, as news this week of a rise in U.S. oil production weighed heavily on the commodity. Copper and nickel prices are looking the weaker ones in the LME complex this week, but the weakness seems to be part of an effort to consolidate, which most of the other metals are also doing.

Fundamental News:

Gold is sensitive to moves higher in both U.S. rates and the dollar. Stronger dollar makes gold more expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.

Oil prices have dipped below $50 a barrel from recent highs amid growing investor doubts about Opec and its allies’ commitment to drain the glut in supply, as members of the oil-cartel have increased exports and production, despite the current deal to curb output.


Gold showed bearish movement and found the important support level of 27724. Now if it will close below the important support level of 27700 then 27500 will act as next support level. On the other hand 28000 will act as a major resistance level.


Silver showed bearish movement and found the important support level of 35980. Now if it will close below the important support level of 35900 then 35500 will act as next support level. On the other hand 37000 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 2835. Now if it will close below the important support level of 2800 then 2750 will act as next support level. On the other hand 2900 will act as a major resistance level.


Copper showed bearish movement and found the important support level of 378.80. Now if it will close below the important support level of 378 then 373 will act as next support level. On the other hand 385 will act
as a major resistance level.

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