Essential Profitable Data in One Place Of Mcx Market

Market Outlook

MCX Gold opened below the previous day closing but gradually moved higher during the session although it was a subdued trade; and again faced the resistance of 38300 on daily charts and 37300 is still acting as important support for the bullion. MCX Crude oil traded on lower noted since the start of the session. It has faced stiff resistance around 4100 while any closing below 4000 can further weaken the trend. MCX Copper October continued the bearish momentum which was observed in the previous session from higher resistance levels of 445. Now, if it sustains above 446, then it may again gain some momentum on upper levels whereas 435 may act as support.

Fundamental News

Gold held near a three-week peak on Wednesday as an impeachment inquiry into U.S. President Donald Trump raised political uncertainty in the world’s largest economy, triggering a broader sell-off in equity markets. Saudi Aramco announced that repair work at the Abqaiq processing facilities, which prepares much of the country’s crude for export to world markets, was proceeding ahead of schedule.

    

GOLD

Gold showed bearish movement and found the major support level of 37485. Now if price sustains on lower level then it will test next support level of 37300. On other side 38000 will be major resistance level.

SILVER

Silver showed bearish movement and found the major support level of 46500. Now if price sustains on lower level then it will test next support level of 46000. On other side 47500 will be major resistance level.

CRUDE

Crude oil showed bearish movement and found the major support level of 3950. Now if price sustains on higher level then it will test next resistance level of 4100. On other side 3850 will be major support level.

COPPER

Copper showed bearish movement and found the major support level of 438.15. Now if price sustains on higher level then it will test next resistance level of 445. On other side 438 will be major support level.

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