MCX Gold opened on a flat note and remained sideways for most part of the session. It seems to be in strong trend as it sustained above 38000 mark whereas 38250-38300 is seen as near resistance while 37900 may act as key support from current levels. MCX Crude surpassed the 4100 mark and closed above it in the previous session recommending bulls to be active for the session. Now, 4200 may resist the counter to head higher while 4100 may again act as important support for the counter. MCX Copper found support around lower levels and showed recovery towards 441 mark. If it sustains above it then it is expected to test 444 in coming sessions and 437 is still seen as good support for it.
Gold prices inched up on Thursday as Asian equities turned lower after weaker-than-expected economic data out of China weighed on risk appetite, boosting demand for safe-haven assets.
Oil rose on Thursday after industry data showed a surprise drop in U.S. crude inventories, while comments from an OPEC official about lower-than-expected U.S. shale production growth in 2020 also provided some support.
Gold showed bullish movement from major resistance around level of 38318. Now if price sustains on lower level then it will test next support level of 38000. 38500 will be major resistance level.
Silver showed bearish movement and found support around level of 44378. Now if price sustains on lower level then it will test next support level of 43800. On other side 45000 will be major resistance level.
Crude oil showed bullish movement and found major resistance around level of 4158. Now if price sustains on higher level then it will test next resistance level of 4200. On other side 4050 will be major support level.
Copper showed bearish movement and found major support around level of 437.50. 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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