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Market Outlook

MCX Gold rebounded from lower levels of 37500 and climbed towards 37600. Although, it resisted strongly near 38000 levels in the previous session,it didn’t sustained below the important support level of 37470. It is expected to move in a tight range in coming sessions.  MCX Crude ended in strong zone in the previous session and bulls continued in intraday also. Holding above 4200 mark indicates bulls for the counter. Now, 4150-4120 is seen as major support range from current levels.   MCX Copper continued the bullish rally so seen since last few consecutive sessions and 445 acted as strong resistance for the session. On lower side, 440-439 is seen as support range.

Fundamental News

Gold prices are modestly down on Friday in Asia after reports said an agreement in principle had been reached on a phase one trade deal between the U.S. and China.

Oil prices extended gains on Friday, scaling three-month highs as the United States and China moved closer to a resolution to the 18-month trade war between the world’s two biggest economies that has raised big questions about global demand for crude.

GOLD

Gold showed bullish movement and major resistance around level of 37840. Now if price maintains on higher level then it will test next resistance level of 38200. On other side 37400 will be major support level.

SILVER

Silver showed bullish movement and major resistance around level of 44370. Now if price maintains on higher level then it will test next resistance level of 44500. On other side 43400 will be major support level.

CRUDE

Crude oil showed bullish movement and major resistance level of 4273. Now if price sustains on lower level then it will test next support level of 4150. On other side 4300 will be major resistance level.

COPPER

Copper showed bearish movement and found major support around level of 438.75. Now if price sustain on lower level then next support level will be 435. And 443 will be major resistance level.

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