MCX Gold continued the correction phase of last session from recent all time highs. Now, bullish breakouts can be observed only when it gives a closing above 39000 whereas further correction can weaken the bullion towards the near support mark of 38000. MCX Crude oil opened on a weak note and continued the bears for first half of the session while recovered in the later half but closed the session in red. MCX Copper showed sideways movements for the entire session as it resisted strongly on higher resistance of 456 whereas 450 acted as strong support for the metal sustaining below which can further drag it down.
Gold posted its second straight weekly loss on Friday, moving closer to the key $1,500 support, after the U.S. central-bank chief downplayed prospects of a recession in the world’s largest economy. With the declines from Thursday and Friday, gold futures ended lower for a second week in a row, logging a weekly drop of 0.9%.
OPEC’s crude oil production rose in August compared to July, another market survey found on Friday, despite OPEC’s continued calls for sticking to the cuts to achieve “market stability.” economy.
Gold showed bearish movement and found the major support level of 38376. Now if price sustains on lower level then it will test next support level of 38000. On other side 39000 will be major resistance level.
Silver showed sideways to bearish movement and found the major support level of 47480. Now if price sustains on lower level then it will test next support level of 46500. On other side 49500 will be major resistance level.
Crude oil showed bullish movement and found the major resistance level of 4082. Now if price sustains on higher level then it will test next resistance level of 4200. On other side 3930 will be major support level.
Copper showed bullish movement and found the major resistance level of 456. Now if price sustains on higher level then it will test next resistance level of 460. On other side 450 will be major support level.
(Click to submit your details) Just one step to get best trading tips and Recommendation.