Online Upadate On MCX Market by Market Experts

 Market Outlook

MCX Gold was quite volatile today but it remain continue with bullish trend, for next trading session it may test its major resistance level of 31500 or if it comes down then takes sharp correction towards support of 31000. MCX Crude oil test its major resistance level of 5650 after inventory and again we will continue to suggest bullish view for crude oil. MCX Copper today took some correction from higher levels and also unable to maintains on higher level, for next trading session it may test major support of 455 and below this level trend may also change.

Fundamental News

Prices of gold inched down on Thursday as the dollar strengthened on positive U.S. economic data. Rising U.S. Treasury yields were also cited as headwind for the precious metal.

Prices of oil slipped from four-year highs reached the previous session, pressured by rising U.S. inventories and after sources said Russia and Saudi Arabia struck a private deal in September to raise crude output.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31537. Now if price sustains on higher level then it will test next resistance level of 31620. On other side 31200 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 39329. Now if price sustains on higher level then it will test next resistance level of 39749. On other side 38830 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 5450. Now if price sustains on lower level then it will test next support level of 5380. On other side 5644 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 455.65. Now if price sustains on lower level then it will test next support level of 453.30. On other side 469.35 will be major resistance level.

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