DAILY FREE MCX TRADING UPDATES

Market Outlook
Gold price fluctuates around their good resistance at 30500, and the price needs to breach this level to confirm the continuation of the bullish trend on the intraday basis, Crude oil price continued its bullish rally to confirm breaching 4010 level for intraday basis some correction are expected from down side. The way to attempt to regain the main bullish trend, we prefer staying aside temporarily until we get clearer signal for the next trend. Copper price confirmed the continuation of the bullish bias but for intraday basis some correction are expected from up to down side attempt to reach above 455 level forms main factor to confirm the continuation of the positivity by providing new positive momentum.

Fundamental News
Gold prices inched down on Monday pressured by a stronger equity market, with the latest U.S. jobs report easing fears of inflation and faster U.S. rate hikes, reviving risk appetite globally.

Crude oil prices moved lower on Monday, as optimism linked to news of a decline in U.S. drilling rigs and upbeat U.S. jobs data began to fade and traders turned their attention to this week’s supply reports.

Gold prices fall today and made low of 30267 continuing its bearish trend. Now if price sustains on lower levels then it can test support level of 30202 and 30119. On other side 30412 will be major resistance level.

Silver prices continues bearish today and made a low of 38655. Now if price sustains on lower levels then it can test support level of 38550 and 38289. On other side 38905 will be major resistance level.

Crude oil price opens higher but remain bearish for the day. Sustain below major psychological level of 4000 with major support levels are 3942 and 3920. On the other side resistance level is 4012.

Copper price remain bearish for the day. Sustain near psychological level of 450. If it remains below level of 450 then it can test major support levels are 445.90 and 442.45. On the other side resistance level is 454.

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