Accurate Analysis & Forecast in Mcx Market

 

Market Outlook

MCX Gold showed zigzag movement during the session as it was facing stiff resistance around 38500 to move on higher side whereas 38200 remained the support for the bullion. However, weakening of Rupee against greenback in later half prevented the strong fall in gold closing the session on a flat note with negative bias. MCX Crude oil opened on a higher note and showed correction on lower side for the session. It found stiff resistance of 4230 and drag down towards the support level of 4120. MCX Copper traded on a bullish mode and closed near is previous closing. It needs to break the consolidation zone and give a breakout on either side to decide the trend further.

Fundamental News

Gold prices fell to their lowest in nearly a month on Tuesday, as rising bond yields and the dollar dented the allure of safe haven assets. Oil futures climbed to the highest in almost six weeks on Tuesday on expectations the Organization of the Petroleum Exporting Countries and its allies will agree to extend crude output cuts to support prices.

GOLD

Gold showed bearish movement and found the major support level of 38205. Now if price sustains on lower level then it will test next support level of 38000. On other side 38600 will be major resistance level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 48000. Now if price sustains on lower level then it will test next support level of 46500. On other side 48500 will be major resistance level.

CRUDE

Crude oil showed bearish movement and found the major support level of 4122. Now if price sustains on higher level then it will test next resistance level of 4300. On other side 4000 will be major support level.

COPPER

Copper showed bullish movement and found the major resistance level of 454.75. Now if price sustains on higher level then it will test next resistance level of 460. On other side 450 will be major support level.

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