MCX Premium Tips and Calls

Market Outlook

Gold prices rose to their highest level in around a month on Monday, as market players looked ahead to a busy week of economic events, including a Federal Reserve policy decision and U.S. second quarter growth data. Oil prices rallied to the highest levels of the session on Monday after Saudi Arabia pledged to make deep cuts to its crude exports in August in an effort to ease a global supply glut. Saudi Arabia, OPEC’s largest producer, will limit exports to 6.6 million barrels a day in August, energy minister Khalid Al-Falih said after a meeting with fellow producers who gathered to discuss compliance with the cartel’s deal to cut production.

Fundamental News

The greenback was pressured lower by the stronger euro, which was boosted by expectations that the European Central Bank is moving closer to tapering its bond-buying program and fresh political turmoil in Washington.

OPEC has agreed with several non-OPEC producers led by Russia to cut oil output by a combined 1.8 million BPD from January 2017 until the end of March. But OPEC states Libya and Nigeria were exempted from helping them recover from years of unrest.

Gold showed sideways to bullish movement and found the important resistance level of 28610. Now if it will close above the important resistance level of 28630 then 28800 will act as next resistance level. On the other hand, 28250 will act as a major support level.

Silver showed sideways movement and found the important resistance level of 38370. Now if it will close above the important resistance level of 38500 then 39000 will act as next resistance level. On the other hand, 37500 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 3003. Now if it will close above the important resistance level of 3020 then 3085 will act as next resistance level. On the other hand, 2950 will act as a major support level.

Copper showed bullish movement and found the important resistance level of 390.55. Now if it will close above the important resistance level of 392 then 398 will act as next resistance level. On the other hand, 380 will act as a major support level.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *