Today’s Market Prediction and MCX News

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Market Outlook

Gold prices held steady within a familiar range on Tuesday, as investors looked ahead to key U.S. economic data due later in the session for fresh clues on the likely trajectory of monetary policy. Crude prices extended their decline into the second session on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer. Base metal prices were mostly lower on Tuesday, December 5 amid bouts of year-end profit-taking, with copper prices falling as longs liquidate. For upcoming session, all base metals may give more bearish movement.

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Fundamental News

Overnight, gold prices came under pressure on Monday amid a stronger dollar after the U.S. Senate approved a tax bill aimed at overhauling the U.S. tax system and boosting economic growth.

An OPEC-led producer group last week extended a supply-cutting deal through 2018, but the resulting support for prices could bolster U.S. output which climbed to nearly 9.5 million barrels per day in September.

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Gold showed sideways to bearish movement and found the major support level of 28800. Now if price sustains on a lower level then it will test next support level of 28705. On another side, 29200 will be major resistance level.

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Silver showed sideways to bearish movement and found the major support level of 37500. Now if price sustains on a lower level then it will test next support level of 37220. On another side, 38380 will be major resistance level.

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Crude Oil showed sideways to bearish movement and found the major support level of 3670. Now if price sustains on a lower level then it will test next support level of 3635. On another side, 3745 will be major resistance level.

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Copper showed sideways to bearish movement and found the major support level of 422. Now if price sustains on a lower level then it will test next support level of 418. On another side, 445 will be major resistance level.

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