mcx

Market Outlook:

In the morning session gold and silver trading in negative zone with gap down opening but not able to continue and in the evening session it was on bullish way. In coming session bullishness can be seen in bullions. Crude oil showed correction on higher side but sell on highs would be preferable. Base metals were week on Friday and coming session more weakness can be seen, sell on rise would be profitable strategy in base metals.

Fundamental News:

1).
Gold futures finished narrowly lower on Friday, ending a 7-session win streak, as fears of Britain’s potential exit from the European Union receded and the U.S. dollar weakened.

2). Crude oil prices rose in early Asian trade on Friday for the first time in seven days as markets took a breather from concerns about the impact of Britain’s possible exit from the European Union.

3). Base metals negative territory on Friday, choppy trading is expected while Brexit fears continue to weigh on market sentiment.

comdex
Gold & Silver

gold
Gold opened on lower note and also gap down opening on MCX but in evening session in correct on higher side. Now if it broke 30750 resistance levels than 30950 will act as next resistance level. On the other hand 30400 will be major support level.

silver
Silver showed sideways movement after gap down opening. Now if it broke the important resistance level of 41700 then 42150 act as next resistance level. On lower side 40900 will act as important support level.

Crude & Copper

crude
Crude oil showed upward movement after found the important support of 3115 on daily chart. Now if it showed bullish movement and maintain above 3250 then 3325 will be next support level. On the lower side important support is 3115.

copper
Copper showed weak movement and found the support of 303. Sustain below 303 then next support level will be seen at 300. If some correction continues on higher side then it pull towards resistance level of 310.

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