Positional and Basics Ideas of MCX Market

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Market Outlook

Gold prices gained in Asia on Friday after North Korea fired a missile over the northern Japan island of Hokkaido and into the Pacific Ocean, drawing a new line in the sand for the U.S. and allies to respond. Crude oil prices were hovering near recent highs on Friday, as expectations for higher demand and news of a decline in global supplies continued to lend support to the commodity. Prices were supported as the clean-up after two major hurricanes in the U.S. gathered pace, boosting the outlook for demand. The corrections in the LME base metals prices continue for the most part, although some underlying tails suggest some dip buying.

comex

Fundamental News

Gold prices had briefly weakened on Thursday after the U.S. Commerce Department reported that consumer price inflation rose more than expected in August.
Crude oil futures started the session on the front foot surging above $50 a barrel for the first time in five weeks, as investors continue to cheer an International Energy Agency (IEA) report released Wednesday.

FUN DATA

GOLD

Gold showed bearish movement and found the important support level of 29825. Now if it will close below the important support level of 29750 then 29500 will act as next support level. On the other hand 30100 will act as a major resistance level.

SILVER

Silver showed bearish movement and found the important support level of 40731. Now if it will close below the important support level of 40700 then 40000 will act as next support level. On the other hand 41900 will act as a major resistance level.

CREUDE

Crude showed bearish movement and found the important support level of 3167. Now if it will close below the important support level of 3150 then 3100 will act as next support level. On the other hand 3250 will act as a major resistance level.

COPPER

Copper showed bearish movement and found the important support level of 417.60. Now if it will close below the important support level of 415 then 410 will act as next support level. On the other hand 430 will act as a major resistance level.

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