MCX Gold closed on bullish note in the previous session which was continued towards the near resisatnce of 39400. If the positive momentum continued then it may head towards the next resistance of 39700 while 39000 is seen as strong support from current levels. MCX Crude showed correction on lower side. Strength will happen to continue only maintaining above 4400 mark and next resistance is seen near 4450. Strong support is marked near 4300. MCX Copper is witnessing sideways trend since last few sessions. Major bulls can be seen above 445 whereas 440 is seen as near support sustaining below which can drag it to deeper support levels.
Gold prices on Thursday began the year with a healthy start, boosted by doubts surrounding the strength of Wall Street’s rally. The fact that stock markets are at record highs is continuing to strengthen gold and silver.
Oil prices kicked off the New Year higher on Thursday as warming trade relations between the United States and China eased demand concerns, while rising tensions in the Middle East fuelled worries about supply.
Gold showed bullish movement and major resistance around level of 39400. Now if price maintains on higher level then it will test next resistance level of 39700. On other side 38900 will be major support level.
Silver showed bullish movement and major resistance around level of 47200. Now if price maintains on higher level then it will test next resistance level of 47500. On other side 46000 will be major support level.
Crude oil showed bearish movement and major support level of 4332. Now if price sustains on lower level then it will test next support level of 4250. On other side 4450 will be major resistance level.
Copper showed bearish movement and found major support around level of 441.30. Now if price sustain on lower level then next support level will be 438. And 445 will be major resistance level.
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