Daily Commodity Market Updates And Strategies

Market Outlook

MCX Gold opened gap up with positive bias as well as hovering near resistance if break its resistance of 38480 it may see next resistance of 38650. MCX Crude opened flat with positive bias and sustains on higher and breaks the 4000 resiatance level. If it susutains above 3950 level it may see Major resistance 4120 and major support is 3750 of crude. MCX Copper opened flat with bearish note and trading in small range. If it sustain above 439 it may 445 as resistance on other hand if break today’s low it may take support at 435 and major support is 431for November contract.

Fundamental News

Gold inched lower on Monday on increasing risk appetite amongst investors, driven by optimism on U.S.-China trade talks and fading fears of a global economic slowdown.

Brent crude futures for January LCOc1 rose 69 cents to $62.38 a barrel by 1127 GMT, erasing earlier losses and reaching peaks last seen on Sept. 27. December U.S. crude futures CLc1 also swung back into positive territory, up 53 cents at $56.73 a barrel.

Gold showed bearish movement from major resistance around level of 38331. Now if price sustains on lower level then it will test next support level of 38000. 38600 will be major resistance level.

Silver showed bearish movement and found support around level of 46395. Now if price sustains on lower level then it will test next support level of 45500. On other side 47300 will be major resistance level.

Crude oil showed bullish movement and found major resistance around level of 4064. Now if price sustains on higher level then it will test next resistance level of 4150. On other side 3950 will be major support level.

Copper showed bullish movement and found major resistance around level of 442. Now if price sustains on higher level then it will test resistance level of 445. On other side 437 will be major support level.

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