Gold MCX price in negative trades price in morning session made low around 30100 level, after that positive correction pull it towards 30300 Gold price sustaining below 30100 level correction and unable to break and hold above this level, Crude oil MCX price maintaining upwards to breach 4020 level, which price is showing us its return to their main bullish trend. if its breaching 4070 level and settled above it, then we will confirm the bullish trend. MCX copper price stable below support level of 447.50 level and repeated the sideways trading.
Silver and gold trade lower weak demand of metals from retailers, jewellers and industries aiming towards increase in interest rates by the US Fed this week.
US output high, also rising production in Brazil and Canada, is dip mining efforts head by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to curb bolster prices and supplies.
Gold price open near to previous day’s close made a new weekly low of 30095 but remain bullish for the day. Now if price sustains on higher levels then it can test resistance level of 30473 and 30546. On other side 30285 is major support level.
Silver price open near previous day’s low consolidated and remain bullish for the day. Now if price sustains on higher levels then it can test resistance level of 38700 and 38966. On other side 38281 will be major support level.
Crude oil price opens near previous day’s high and after consolidation continues its previous day’s bullish trend made a new weekly high of 4085. Now if it sustains on higher level than it can test resistance levels are 4098 and 4143. On the other side 4025 is support level.
Copper price open near to previous day’s low made a new weekly low of 442.25 but recover later. Now if it remains at lower level than it can test support levels are 444.20 and 442.25. On the other side 449.90 is major resistance level.
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