Today’s MCX Market Trend and News

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Market Outlook

Gold prices were lower on Wednesday as investors awaited the minutes of the Federal Reserve’s September policy meeting later in the day, which was expected to reinforce expectations for a December rate hike. Oil prices rose for a third day on Wednesday on signs that markets are gradually tightening after years of oversupply, though the outlook for 2018 remained less certain. The underlying trends in the base metals are upward but those metals in or near high ground seem to be having to absorb selling which is capping the upside, while copper and nickel prices that are still some way below the highs.

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Fundamental News

The losses came after gold prices advanced in the previous three sessions, rebounding after a recent selloff that was fueled by interest rate concerns and a stronger dollar.

OPEC on Wednesday forecast higher demand for its oil in 2018 and said its production-cutting deal with rival producers was successfully getting rid of a glut, pointing to a tighter global market next year.

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Gold gave gap-down opening today and trade sideways to bearish and found the important support level of 29702. If it will be closed below the support level of 29700 then next support level will be 29600. On another hand, next resistance level will be 29850.

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Silver showed consolidate movement and found important resistance level of 40300. Now if it will break the important resistance level 40350 then next resistance level will be 40580. On the other side, 40000 will act as a major support level.

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Crude showed bullish movement and found the important resistance level of 3360. Now if it will close above the important resistance level of 3370 then 3400 will act as next resistance level. On the other hand, 3250 will act as a major support level.

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Copper showed bullish movement and found the important resistance level of 447.40. Now if it will close above the important resistance level of 451.50 then 455 will act as next resistance level. On the other hand, 440 will act as a major support level.

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