MCX Market News and Gold Market Updates

1

banner-home777

Market Outlook

Gold price continues to fluctuate around 1321.49 level. This protects the continuation of the recently suggested bullish trend scenario, waiting to breach the mentioned level to confirm rallying towards the previously recorded top at 1357.53 as a next station. Holding above 1299.20 is important to continue the expected rise, as breaking it will push the price to visit 1281.17 areas initially before any new attempt to rise. Crude oil price begins today’s trading with clear positivity after leaning well on the intraday bullish channel’s support line, we are waiting for more rise in the upcoming sessions. Copper price still needs the positive momentum to keep the sideways fluctuation, to approach from the initial support at 3.2000, trading range for today is between 3.2000 and 3.4400.The trading range for zinc Resistance 218 to Support 215.

2

Fundamental News

Gold prices fell on Tuesday, retreating further from last week’s three-and-a-half month highs as the dollar strengthened against the euro and as investors continued to bet on further rate hikes by the Federal Reserve this year.

Crude oil prices remained supported near multi-year highs on Tuesday, still boosted by a decline in U.S. oil rigs and supply cuts by major oil producers. Oil prices were boosted after Baker Hughes on Friday reported a decline by five to 742 in the number of U.S. rigs in the week to January 5.

3

Gold showed sideways to bearish movement and found the major support level of 29061. Now if price sustains on a lower level then it will test next support level of 28955. On another side, 29299 will be major resistance level.

4

Silver showed sideways to bearish movement and found the major support level of 38655. Now if price sustains on a lower level then it will test next support level of 38515. On another side, 39372 will be major resistance level.

5

Crude oil showed sideways to bullish movement and found the major resistance level of 4032. Now if price sustains on a higher level then it will test next resistance level of 4063. On another side, 3927 will be a major support level.

6

Copper showed sideways to bearish movement and found the major support level of 451.70. Now if price sustains on a lower level then it will test next support level of 449.20. On another side, 456.25 will be major resistance level.

7

8

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *