Free Mcx Trading Tips, News and Updates

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Market Outlook:-

Gold closed higher on Wednesday as the U.S. dollar continued to trade off from its highs hit earlier this month on the back of a drop in monthly domestic housing starts. Silver closed higher after participants raised their bets amid firming global trends. Base metals were mixed. Crude closed higher after the U.S. EIA reported that crude supplies dropped by 5.2 million barrels. Prices got off to an upbeat start after an official from Saudi Arabia said crude producers who aren’t OPEC members have shown willingness to join the cartel’s effort to limit output.

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Fundamental News:

1). Gold futures looked set Wednesday to log a third straight session climb as the U.S. dollar deepened its retreat from the multi-month highs hit earlier this month on the back of a drop in monthly domestic housing starts.

2). U.S. crude hit a more than one-year high on Wednesday after government data showed that U.S. crude stockpiles declined for the sixth time in seven weeks, as refinery activity fell and the country imported less crude.

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gold

Gold showed bullish movement and found the important resistance level of 29995. Now if it will close above the important resistance level of 30000 then 30400 will act as next resistance level. On lower side 29500 will act as vital support level.

silver

Silver showed bullish movement and found the important resistance level of 42480. Now if it will maintain above its resistance level of 42500 then 43000 will act as next resistance level. On the other hand 41750 will act as important support level.

crude

Crude showed bullish movement and found the important resistance level of 3465. Now if it will maintain above its resistance level of 3470 then 3500 will act as next resistance level. On the other hand 3400 will act as important support level.

copper

Copper showed bearish movement and found the important support of 309.90. Now if it will break the support level of 309.50 then 307 will act as next support level. On the other hand 317 will act as a major resistance level.

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