Daily Forecast of MCX Market by Experts

  

Market Outlook

MCX Gold price showed more bearish movement today made a new low and we expect in next trading session it may take quite recovery.MCX Crude oil was quite volatile today but if holds below 4600 then it can continue with some down side movement. MCX Copper price hinted keeping the bearish bias due to providing new negative closing below the initial resistance level of 419. For next trading session our technical view is still bearish towards next major support level of 412.

Fundamental News

Precious metal Prices were slightly lower on Wednesday and hovered near a one-year low as the dollar strengthened following Federal Reserve Chairman Jerome Powell’s comments on Tuesday that reinforced views the central bank is on track to gradually raise interest rates.

 

 Crude benchmark Brent crude hit a three-month low on Wednesday after a rise in U.S. crude inventories highlighted increasing global supply and concerns over weak demand.

GOLD

Gold showed sideways to bearish movement and found the major support level of 29638. Now if price sustains on lower level then it will test next support level of 29550. On other side 29800 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 38127. Now if price sustains on lower level then it will test next support level of 37940. On other side 38556 will be major resistance level.

 

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4720. Now if price sustains on higher level then it will test next resistance level of 4770. On other side 4585 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 421.20. Now if price sustains on higher level then it will test next resistance level of 425.80. On other side 414.20 will be major support level.

  

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