Commodity Market Highlights and Free MCX Tips

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Market Outlook

Gold prices rose modestly on Thursday, holding near the prior session’s three-month high amid growing concerns over political risks in Europe and economic uncertainty in the U.S.Prices of the yellow metal rallied to $1,246.60 on Wednesday, the highest since November 11. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.2% at 100.34 in early trade, keeping distance from last week’s two-month low of 99.19.Oil prices rose on Thursday, supported by an unexpected draw in U.S. gasoline inventories.

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Fundamental News

Uncertainty about European politics has boosted gold in recent sessions. Polls this week have shown German Chancellor Angela Merkel falling behind a candidate from the country’s Social Democrats in this year’s elections scheduled to take place in September.

U.S. commercial crude inventories soared by 18.8 million barrels to 508.6 million barrels high fuel inventories as well as rising U.S. crude production mean that oil markets will remain over-supplied.

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Gold showed bearish movement and found the important support level of 29000. Now if it will maintain above the important resistance level of 29300 then 29500 will act as next resistance level. On the other hand 28900 will act as a major support level.

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Silver showed bearish movement and found the important support level of 41850. Now if it will maintain above 42250 then 43000 will act as next resistance level. On the other hand 41500 will act as a major support level.

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Crude showed sideways to bullish movement and found the important resistance level of 3555. Now if it will close above the important resistance level of 3560 then 3600 will act as next resistance level. On the other hand 3500 will act as a major support level.

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Copper showed bearish movement and found the important support level of 388. Now if it will close below the important support level of 387 then 380 will act as next support level. On the other hand 395 will act as a major resistance level.

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