Profitable Advice for MCX Traders

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Market Outlook

Gold prices edged lower during European morning trade on Wednesday, moving further away from this week’s two-month high as the metal’s safe-haven appeal was dampened amid a rally in global equity markets. Market players will continue to focus on U.S. President Donald Trump for further details on his promises of tax reform, infrastructure spending and deregulation, as well as insight regarding policies on China and the domestic economy. We expect in coming session it may trade to bullish. Oil slips ahead of official stockpile data. Oil eased Wednesday ahead of official U.S. crude inventory data.

Brent crude was off 49 cents, or 0.88%, at $54.95 at 08:00 ET. U.S. crude shed 48 cents, or 0.90%, to $52.70.The stockpile data weighed on upbeat sentiment on compliance levels with agreed output cuts.

OPEC and non-OPEC producers have agreed to cut output by some 1.8 million barrels a day in the first half of this year.In next session it may trade to more bullish.

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Fundamental News

Gold futures dropped Wednesday to settle at their lowest level in almost two weeks as investors turned their attention to a rise in U.S. equities, with the Dow Jones Industrial Average crossing the key 20,000 level for the first time.

Oil prices fell on Wednesday after earlier shrugging off a report from the U.S. Energy Information Administration that showed the nation’s crude inventories rose and gasoline stocks increased sharply.

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Gold showed sideway to bearish movement and found the important support level of 28350. Now if it will sustain below the important support level of 28350 then 28000 will act as next support level. On the other hand 28500 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 40850. Now if it will sustain below 40800 then 40000 will act as next support level. On the other hand 41500 will act as a major resistance level.

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Crude showed sideways movement and found the important resistance level of 3660. Now if it will close above the important resistance level of 3670 then 3725 will act as next resistance level. On the other hand 3600 will act as a major support level.

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Copper showed bullish movement and found the important resistance level of 409.50. Now if it will close below the important support level of 405 then 400 will act as next support level. On the other hand 410 will act as a major resistance level.

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