MCX Gold price tests the key support 31400 and keeps its stability above it, to keep the bullish trend scenario valid on the intraday and short-term basis, conditioned by the price stability above the mentioned level, oil price attempted to break 4530 level but it returns to settle above it, which keeps our positive overview active in the upcoming period, MCX Copper price formed intraday correctional bearish wave to notice its consolidation above the level 458 & to keep waiting to achieve the main targets at 462.
Precious metal remained on course to snap a two-week winning streak as safe-haven demand faded amid easing geopolitical concerns, while continued dollar strength added to downside momentum.Oil prices settled at nearly three-and-a-half year highs as the Joint Ministerial Monitoring Committee confirmed OPEC and its allies compliance with the deal to curb production rose to its highest ever, further stoking expectations for market rebalancing later this year.
Gold showed sideways to bearish movement and found the major support level of 31396. Now if price sustains on lower level then it will test next support level of 31291. On other side 31620 will be major resistance level.
Silver showed sideways to bearish movement and found the major support level of 40156. Now if price sustains on lower level then it will test next support level of 39459. On other side 40560 will be major resistance level.
Crude oil showed sideways bullish movement and sustaining near psychological level of 4520 if it continues further bullish run it can test resistance levels of 4546 and 4578. On other side 4486 can be major support level.
Copper price opens negative shows some consolidation but overall remain bullish on charts. Now if it sustains on higher level than it can test resistance levels are 460.35 and 464. On the other side 453.10 is support level.
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