Gold Market Strategy & Updates by Market Expert

Market Outlook

MCX Gold price remain continue with bearish scenario on Wednesday but unable to close below 31600, if price trades above 31800 in next session then it can take quick recovery from lower to higher side. MCX Crude oil took some correction from higher to lower side and if price sustains below 4250 in upcoming period then it will again continue with downward trend towards next immediate support level of 4200. MCX Copper took reverse movement from lower levels as well as took recovery and if price manages above 450 levels then we will continue to suggest bullish movement up to next important resistance level of 455 and lower side it has support at 440.

Fundamental News

Gold prices edged lower on Wednesday as safe-haven demand for the metal was hurt by a risk-conducive environment with equities rallying to seven-month highs, while a weaker dollar limited bullion’s losses.

Prices of Crude oil rose for a fourth day on Wednesday, holding firm despite an industry report showing that U.S. inventories rose unexpectedly last week, with supply cuts and sanctions supporting the market.

Gold showed sideways to bearish movement and found the major support level of 31550. Now if price sustains on lower level then it will test next support level of 31400. On other side 31800 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 37100. Now if price sustains on lower level then it will test next support level of 36800. On other side 37550 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 4260. Now if price sustains on lower level then it will test next support level of 4200. On other side 4340 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 449. Now if price sustains on higher level then it will test next resistance level of 453. On other side 444 will be major support level.

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