Online Commodity market News| Mcx Tips

Market Outlook

MCX Gold opened on lower note than previous close and showed sideways movement for most part of the session. On daily charts, it is hovering below the nearest support of 37700 whereas 37600 is seen as strong support from current levels. If the bullion holds above 37800 then it may move towards next resistance level of 38000 whereas on lower side, 37500 is seen as major support. MCX Crude found support on lower levels in previous session and is expected to surpass the immediate resistance of 4200 while 4110 may act as support. MCX Copper showed sluggish moves during the session and remained sideways with some positive bias.

Fundamental News

Gold steadied on Tuesday, having recovered from two-week lows as doubts resurfaced about the progress of trade talks between China and the United States.

Oil prices rose on Tuesday on hopes of progress toward a trade agreement between the United States and China, the world’s biggest oil users, and predictions of a draw in U.S. crude inventories. On the supply side, OPEC meets on Dec. 5 in Vienna, followed by talks with other oil producers, including Russia, that have agreed to cut output to support prices, a group known as OPEC+.

GOLD

Gold showed bullish movement major support around level of 37500. Now if price sustains on higher level then it will test next resistance level of 37900. 38000 will be major resistance level.

SILVER

Silver showed bullish movement and found support around level of 43900. Now if price sustains on higher level then it will test next resistance level of 44700. On other side 45000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and break the major support level of 4150. Now if price sustains on higher level then it will test next resistance level of 4230. On other side 3950 will be major support level.

COPPER

Copper showed bullish movement and found major support around level of 432. Now if price sustain on higher level then resistance level will be 438. And 430 will be major support level.

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