Make Money in MCX Market with Accurate Analysis

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Market Outlook

Gold prices drifted lower on Thursday to move further away from their strongest level in seven weeks as investors looked ahead to a key batch of U.S. economic data to gauge how it will impact the Federal Reserve’s view on monetary policy. Investors were turning their attention to upcoming U.S. economic data for fresh clues on the timing of the Fed’s balance sheet reduction and its ability to raise interest rates again this year. Oil prices rose on Thursday, lifted by renewed signs of a gradually tightening U.S. market, although ongoing high supplies from producer club OPEC still weighed.

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Fundamental News

Gold has been well-supported in recent weeks as fading expectations for a third Fed rate hike this year combined with deepening political turmoil in the White House boosted the appeal of the precious metal.

Oil traders looked ahead to a technical meeting of some OPEC and non-OPEC producers in Abu Dhabi next week to assess how the group can increase compliance with production cuts that began at the start of this year.

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Gold showed bearish movement and found the important support level of 28365. Now if it will close below the important support level of 28350 then 28000 will act as next support level. On the other hand, 28860 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 37561. Now if it will close below the important support level of 37500 then 37000 will act as next support level. On the other hand, 38500 will act as a major resistance level.

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Crude showed sideways movement and found the important resistance level of 3189. Now if it will close above the important resistance level of 3200 then 3235 will act as next resistance level. On the other hand, 3100 will act as a major support level.

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Copper showed bearish movement and found the important support level of 402.45. Now if it will close below the important support level of 400 then 395 will act as next support level. On the other hand, 415 will act as a major resistance level.

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