MCX News and Market Analysis

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Market Outlook

The gold prices bearish trend will be suggested in the upcoming sessions unless the price succeeded to breach 1281.17 Level and hold with a daily close above it.Crude oil price retested the previously breached resistance of the minor bearish channel that appears on the chart and keeps its stability above it, which keeps the positive effect. We believe that the way is open to head towards our positive targets.Copper price continues to provide slows sideways trading.The price rally above 447.50 level will cancel the negative overview, opening the way towards resuming the positivity directly, reminding you that the stability of the initial positive target at 454.50.

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Fundamental News

Crude prices were a bit lower to start the week on Monday, slipping from their strongest level in more than two years amid indications that U.S. producers will ramp up output to take advantage of the recent rally.

Gold prices drifted higher at the start of a busy week on Monday, as investors looked ahead to key U.S. economic reports to gauge how it will impact the Federal Reserve’s view on monetary policy in the months ahead.

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Gold showed sideways to bullish movement and found the major resistance level of 29650. Now if price sustains on a higher level then it will test next resistance level of 29780. On another side, 29450 will be a major support level.

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Silver showed sideways to bullish movement and found the major resistance level of 39900. Now if price sustains on a higher level then it will test next resistance level of 40250. On another side, 39400 will be a major support level.

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Crude oil showed sideways to bullish movement and found the major resistance level of 3750. Now if price sustains on a higher level then it will test next resistance level of 3788. On another side, 3680 will be a major support level.

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Copper showed sideways to bullish movement and found the major resistance level of 454. Now if price sustains on a higher level then it will test next resistance level of 458. On another side, 443 will be a major support level.

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