MCX MARKET TODAYS UPDATES

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Market Outlook
Gold price settles around 30650 level that represents our first suggested target in our recent reports, the price is attempting to breach this level by today’s opening, but it faces good resistance of 30650 level, Crude oil price found difficulty to hold above 4075 level, to show some bearish bias the price under negative pressure that its targets begin at 3990 and might extend to 3945. Copper price started to gather new negative momentum, the previously expected bullish overview is changed because of their negative movement, and trading range for today is between 450 support and 455 resistance.

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Fundamental News

Gold prices held steady near one-and-a-half week highs on Wednesday, as sustained fears over a potential global trade war continued to weigh heavily on the greenback and to boost demand for safer assets.

Crude oil prices moved lower on Wednesday, weighed by the release of downbeat U.S. supply data and by the threat of potential trade wars. Market participants were looking ahead to official data by the U.S. Energy Information Administration, due later Wednesday.

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Gold prices falls today and sustaining above level of 30500 now if it continues bearish trend then it can test support level of 30341 and if price sustains further then it can test next support level of 30250. On other side 30516 can be major resistance level.

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Silver showed bearish movement and broke major psychological level of 39000 and if it continues to sustain at lower levels then it can test next support level of 38600 and further it can test next support level of 38355. On other side 39000 can be major resistance level.

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Crude oil price falls today and sustaining below psychological level of 4000 if it continues further bearish run it can test support levels of 3933 and 3897. On other side 4065 can be major resistance level.

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Copper showed bearish movement and sustain at lower levels after some recovery at the end of the day if it continues bearish run it can test major support levels of 448.35 and 445.80. On other side 454.65 can be major resistance level.

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