Mcx Gold Market Updates

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Market Outlook:

Gold and silver showed sideways movement. Investors are waiting for the Fed decision on Interest rate hike. In coming session bearishness can be seen if the rate was hiked. Crude showed bearish in the morning session but in evening session after the crude oil inventory was negative -0.9M it showed bullish movement and new high. Base metals showed highly bullish movement especially copper and nickel. In coming session base metals can be more bullish because demand and manufacturing in china is improving.

Fundamental News:

Gold fell slightly on Wednesday, after touching a near six-week high in the previous session, as the market awaited the US Federal Reserve’s policy statement amid concerns about a potential British exit from the European Union.

Crude futures fell on Wednesday as mounting concerns about Britain’s possible exit from the European Union and a surprise build in US inventories left investors ignoring an IEA declaration that oil markets are now in balance.

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gold

Gold showed sideways movement ahead of Federal Fund Rate and closed around recent new high. Now if it broke 30600 resistance levels than 30800 will act as next resistance level. On the other hand 30250 will be major support level.

silver

Silver showed sideways to bullish movement. Now if it broke the important resistance level of 41700 then 42000 act as next resistance level. On lower side 40700 will act as important support level.

crude

Crude oil showed choppy movement after found the support of 3200. Now if it showed bearish movement and sustain below 3200 then 3150 will be next support level. On the higher side important resistance is 3275.

copper

Copper showed bullish movement after giving the breakout of head and shoulder pattern it found the resistance of 315. Sustain below 307 then next support level will be seen at 302. If some correction continues on higher side then it pull towards resistance level of 318.

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