Today’s Data Prediction For Mcx Market

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Market Outlook

MCX Gold price approaches from our waited target at 29750, showing some bearish bias now, as a signal for heading to resume the main bearish trend, oil price shows sideways and tight range trading since morning settled at 4580, therefore, there is no change on the bearish trend scenario that depends on the stability belwo 4670 level, on copper price There is no change by its repeated fluctuation between 418 and 410, which represents the initial support against the negative trading, while the resistance located at 424.

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Fundamental News

On Tuesday Gold prices traded higher as U.S. President Donald Trump’s critique of the Federal Reserve led to a softer dollar, upping the demand of foreign currency holders for the dollar-denominated asset.On Tuesday crude oil prices settled higher signs of tightening crude supplies after the U.S. said it would sell strategic oil reserves ahead of sanctions on Iran that are expected to pressure global stockpiles of crude.

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GOLD

Gold showed sideways to bullish movement and found the major resistance level of 29626. Now if price sustains on higher level then it will test next resistance level of 29817. On other side 29501 will be major support level.

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SILVER

Silver showed sideways to bullish movement and found the major resistance level of 37036. Now if price sustains on higher level then it will test next resistance level of 37677. On other side 36880 will be major support level.

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CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4664. Now if price sustains on higher level then it will test next resistance level of 4783. On other side 4571 will be major support level.

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COPPER

Copper showed sideways to bullish movement and found the major resistance level of 417.80. Now if price sustains on higher level then it will test next resistance level of 420.70. On other side 411.85 will be major support level.

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