Gold MCX price clearly in negative trades price is settled around 30300 level, positive correction are expected to protect the gold price from suffering much more losses. Gold price sustaining below 30350 level after some bullish correction and unable to break and hold above this level, Crude oil MCX price sustaining upwards to breach 4020 level and closing above it yesterday, which price is showing us its return to their main bullish trend. if its breaching 4070 level and settled above it,then we will confirm thr bullish trend. There is no change in copper MCX price its stable above support level of 447.50 level and repeated the sideways trading.
Gold drifted lower as the dollar strengthen amid expectations that the Federal Reserve will hikes rates next week for the first time this year. Gold tends to come under pressure to moves higher in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.
Crude oil prices turned lower on Friday, OPEC agreed in December to cut oil output by 1.8 million bpd until the end of 2018. The agreement was due to end in March 2018, having already been extended once.
Gold price open below previous day’s low shows some bullishness at the mid of the day but did not able to sustain and falls down made a new weekly low of 30145. Now if price sustains on lower levels then it can test support level of 30119 and 30000. On other side 30349 is major resistance level.
Silver price open near previous day’s low shows some bullishness but did not able sustain on higher levels and falls down made a new weekly low of 38171. Now if price sustains on lower levels then it can test support level of 38171 and 37944. On other side 38700 will be major resistance level.
Crude oil price opens near previous day’s high and after consolidation continues its previous day’s bullish trend made a new weekly high of 4057. Now if it sustains on higher level than it can test resistance levels are 4110 and 4149. On the other side 4015 is support level.
Copper price open near to previous day’s low shows some bullish trend at the mid of day but did not able to sustain and continue its last day’s bearish trend made a new weekly low of 446.30. Now if it remains at lower level than it can test support levels are 445.90 and 443.80. On the other side 451.70 is major resistance level.
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