Mcx Market News And Updates


Market Outlook:

Gold and silver showed sideways movement. In coming session bearishness can be seen in precious metals because economic condition of USA is getting better and economic indicator like unemployment, Inflation and GDP are positive. If the data will be strong chances of interest rate hike would be higher. Selling would be profitable in gold and silver. Crude oil trend is strong but today it showed bearish movement and was not able to hold above the $50 level. In coming session buying would be profitable.


Fundamental News:

Gold futures traded lower for a fourth session and on Wednesday headed to its lowest level in two weeks ahead of a highly anticipated referendum on the U.K.’s membership in the European Union.

Crude Oil rose further above $50 a barrel on Wednesday after an industry report showed a large drop in U.S. crude inventories, with analysts expecting volatile trading ahead of Britain’s referendum on EU membership.


Gold opened on lower note and in evening session showed downward movement and found support of 30055. Now if it will break 30000 level than 29800 will act as next support level. On the other hand 30500 will be major resistance level.


Silver showed sideways movement. Now if it will break the important support level of 41000 then 40500 act as next support level. On higher side 41750 will act as vital resistance level.


Crude oil showed bearish movement after inventory data and found important support of 3320 on daily chart. Now if it showed bullish movement and maintain above 3360 then 3410 will be next resistance level. On the lower side important support is 3300.

Copper showed sideways to bullish movement and found the resistance of 319.50. Maintain above 320 then next resistance level will be seen at 323. If some correction happens on lower side then it drags towards support level of 314.


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