Free MCX Tips & Gold Market News

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Market Outlook

Gold prices rose to their highest level in around six weeks on Monday, as market players monitored mounting geopolitical tension in the Middle East as well as the fallout from the weekend terror attack in London. Oil prices rose sharply on Monday, after Saudi Arabia and three other countries severed diplomatic ties with Qatar, fueling concerns over geopolitical instability in the Middle East. Copper prices continue to tread water either side of $5,650 per tonne and seem in no hurry to become more directional. Zinc and nickel remain in low ground and while nickel and lead may have found some support.

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Fundamental News

Prices of the yellow metal drew additional support after last week’s disappointing U.S. employment report saw investors temper expectations for more rate hikes by the Federal Reserve in the second half of the year.

The production-cut agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, and a relentless increase in U.S. shale oil output.

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Gold showed bullish movement and found the important resistance level of 29300. Now if it will close above the important resistance level of 29300 then 29600 will act as next resistance level. On the other hand 28900 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 40800. Now if it will close above the important resistance level of 40800 then 41300 will act as next resistance level. On the other hand 40000 will act as a major support level.

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Crude showed bearish movement and found the important support level of 3021. Now if it will close below the important support level of 3000 then 2950 will act as next support level. On the other hand 3100 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 361.65. Now if it will close below the important support level of 360 then 355 will act as next support level. On the other hand 368 will act as a major resistance level.

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