Beneficial Online Commdity Tips And Strategy

Market Outlook

MCX Gold opened on a higher note and continued the positive momentum throughout the session. The bullishness was also supported by international Gold charts in the later half which led it to rise towards the near resistance of 38000. If it sustains above the same, then it may lead towards 38200 whereas 37000 is still marked as good support. MCX Crude opened on a weak note and sustained near resistance levels which later was washed off as it dragged towards the support of 3800. MCX Copper opened on bearish note and found strong support around 430 from where it was recovered towards near resistances. It may find resistance in range of 440-442.

Fundamental News

Gold prices inched up on Wednesday, after rising as much as 1% in the previous session, as dismal U.S. manufacturing data fanned fears of a sharp global economic slowdown and stoked bets of further interest rate cuts.

Oil rebounded from several days of declining values after industry data showed a surprise drop in U.S. crude inventories, offsetting weak economic readings in the United States that have depressed global stock markets.

GOLD

Gold showed bullish movement and found the major resistance level of 37513. Now if price sustains on lower level then it will test next support level of 36700. On other side 37700 will be major resistance level.

SILVER

Silver showed bullish movement and found the major resistance level of 45100. Now if price sustains on lower level then it will test next support level of 44000. On other side 46000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and found the major support level of 3798. Now if price sustains on higher level then it will test next resistance level of 3900. On other side 3700 will be major support level.

COPPER

Copper showed bullish movement and found the major resistance level of 439.20. Now if price sustains on higher level then it will test next resistance level of 445. On other side 433 will be major support level.

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