MCX Gold opened on a flat note and moved higher surpassing the immediate resistance of 38200. If the uptrend continues then, 38500 is seen as next resistance whereas 38000 may act as major support from current levels for the bullion. MCX Crude showed heavy sell offs in the previous session and closing below 4000 mark suggested that selling pressure to continue. Now, 3900 is seen as good support whereas 4050 might resist it to move higher. MCX Copper is showing range bound movements where 440 is acting as stiff resistance for the metal while it is getting important support of 435 since last few sessions. Decisive breakout on either side may decide the trend further.
Gold prices firmed on Wednesday as trade and political tensions ratcheted up between United States and China, while investors awaited minutes from the U.S. Federal Reserve’s October meeting.
Oil prices slipped for a third day on Wednesday as a surge in U.S. stockpiles reinforced concerns about lacklustre global economic growth, while hopes ebbed for any movement on the U.S.-China trade war. Crude inventories in the United States, the world’s biggest oil user, rose 6 million barrels in the week to Nov. 15 to 445.9 million.
Gold showed bearish movement from major support around level of 38000. Now if price sustains on lower level then it will test next support level of 37900. 38500 will be major resistance level.
Silver showed bullish movement and found reistance around level of 45018. Now if price sustains on lower level then it will test next support level of 44000. On other side 45500 will be major resistance level.
Crude oil showed bullish movement and found major resistance around level of 4127. Now if price sustains on higher level then it will test next resistance level of 4200. On other side 3950 will be major support level.
Copper showed bearish movement and found major support around level of 435.55. Now if price maintains on higher level then it will test resistance level of 442. On other side 434 will be major support level.
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