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Market Outlook

MCX Gold price settles around 32100 level, he bullish trend will remain active for the upcoming period unless breaking 31550 level and holding below it, Oil price settles below 5270 level, waiting to motivate the price to resume the correctional bearish trend, which its targets begin by breaking 5210 to head towards 5150 as a next station. MCX Copper price repeated providing mixed sideways trading within the bullish channel’s levels, affected by the negativity of the main indicators; we expect that the trading will be confined between the initial support at 446.

Fundamental News

precious metal hit three-month highs on Monday, continuing its ascent into a third week and reasserting itself as the hedge of choice against a cocktail of geopolitical tensions, tumbling equity markets and global macro uncertainties.

Crude Oil prices rose moderately on Tuesday morning in Asia, following international jitters surrounding Saudi Arabia and the kingdom’s role in the disappearance of a Washington Post columnist in early October.

Gold showed sideways to bearish movement and found the major support level of 31902. Now if price sustains on lower level then it will test next support level of 31831. On other side 32160 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38900. Now if price sustains on lower level then it will test next support level of 38700. On other side 39312 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 5214. Now if price sustains on lower level then it will test next support level of 5150. On other side 5318 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 451.25. Now if price sustains on lower level then it will test next support level of 446.40. On other side 456.30 will be major resistance level.

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