Make Strategy With Accurate MCX Data

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Market Outlook

MCX Gold price resumes its negative trading to approach the key support 30850, waiting to break this level to confirm extending the bearish wave towards our next target at 30650. Oil price shows sideways trading since morning and settles around 4865 level now, waiting to get enough positive momentum to push the price to continue the main bullish trend. Their is no news for Copper price by the continuation of its fluctuation near the bullish channel’s support at 460, until this moment we will keep preferring the bullish attempts due to the continuation of the price stability within the bullish channel levels.

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Fundamental News

Bullions prices reversed early gains on Thursday, falling back towards the lowest levels since December as a stronger dollar and rising U.S. government bond yields continued to weigh on demand for Gold. Crude Oil prices surged on Thursday, as data showed that U.S. crude and gasoline stockpiles have fallen. According to the latest weekly report from the U.S. Energy Information Administration, U.S. crude inventories fell by 1.4 million barrels in the week to May 11.

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GOLD

Gold showed sideways to bullish movement and found the major resistance level of 30995. Now if price sustains on higher level then it will test next resistance level of 31160. On other side 30851 will be major support level.

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SILVER

Silver showed sideways to bullish movement and found the major resistance level of 40209. Now if price sustains on higher level then it will test next resistance level of 40285. On other side 39820 will be major support level.

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CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4829. Now if price sustains on lower level then it will test next support level of 4792. On other side 4899 will be major resistance level.

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COPPER

Copper showed sideways to bullish movement and found the major resistance level of 465.45. Now if price sustains on higher level then it will test next resistance level of 467.80. On other side 461.10 will be major support level.

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