Add Your Benefits With Commodity Trading Tips

Market Outlook

MCX Gold opened flat with positive bias and breaks the previous day range. It again resisted near 38400 and sustain over there if not break 38400 it may test level of 38150 as support. MCX Crude opened gap down with negative bias and sustain on lower level if it sustains above 3850 may see 3950 as resistance. Major support 3750 is seen as the key support for it whereas 4100 is seen as major resistance. MCX Copper opened flat with bearish note and hovering near support if it breaks may see 435 as support. It is expected to take intraday support around 440.

Fundamental News

Gold futures move higher Thursday, finding modest, haven-related support after a news report says China officials have doubts over prospects for a long-term trade deal with the U.S. Oil prices came under pressure on Thursday from rising U.S. crude oil stocks and weak factory activity in China. Brent crude futures LCOc1 were down 20 cents at $60.41 a barrel by 1156 GMT, erasing earlier gains. They had dropped by 1.6% on Wednesday and the contract is set for a monthly decline of about 0.6%.

GOLD

Gold showed bullish movement and found major resistance around level of 38594. Now if price sustains on lower level then it will test next support level of 38300. On other side 39000 will be major resistance level.

SILVER

Silver showed bullish movement and found major resistance around level of 46894. Now if price sustains on lower level then it will test next support level of 47500. On other side 46000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and found major support around level of 3822. Now if price sustains on higher level then it will test next resistance level of 3800. On other side 3950 will be major support level.

COPPER

Crude oil showed bullish movement and found major resistance around level of 437.50. Now if price sustains on higher level then it will test next resistance level of 442. On other side 435 will be major support level.

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