Mcx Market Trend for Gold Traders

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Market Outlook:

Gold fell as the U.S. dollar recovered and global stocks rallied after positive economic momentum. Silver prices were trading higher during the evening trade as a crisis at German lender Deutshe Bank threatened to spark a global financial contagion but closed lower due to positive US market. Base metals are trading mix with lead holding near to multi-month highs bolstered by tighter supply and falling inventories. Nickel fell as the Philippines said it may not halt operations at all 20 mines facing suspension for environmental violations. Oil prices closed higher amid OPEC members agreeing to reduce output for the first time in eight years.

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Fundamental News:

Gold futures settled lower on Friday as global market jitters sparked by German financial giant Deutsche Bank eased, prompting investors to turn their attention away from the metal to focus on a rise in the U.S. stock market.

Crude oil edged higher Friday as optimism about a tentative agreement to cut production among members of the Organization of the Petroleum Exporting Countries outweighed doubts about the deal.

gold

Gold showed bearish movement and near to its support level of 30950. Now if it will close above the important resistance level of 31200 then 31350 will act as next resistance level. On lower side 30950 will act as vital support level.

silver

Silver showed choppy movement in today’s session. Now if it will maintain above its resistance level of 46250 then 47000 will act as next resistance level. On the other hand 45500 will act as important support level.

crude

Crude oil showed bullish movement. Now if it will maintain above 3235 then 3300 will be next resistance level. On the other hand 3150 will act as important support level.

copper

Copper showed sideways to bullish movement and found the important resistance of 329. Now if it will break the resistance level of 330 then 333 will act as next resistance level. On the other hand 323 will act as a major support level.

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