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Market Outlook

MCX Gold was quite bullish on Monday and it also test its immediate resistance level of 34800 and if price maintains above 35000 in upcoming session then this bullish movement can take price up to next resistance level of 35200 and lower side it has major support at 34500. MCX Crude oil also showed sideways to bullish movement and if price maintains above 4000 then 4050 will act as a next strong resistance level.  MCX Copper took quick recovery from lower to higher side after sharp downfall and we will keep bullish overview for upcoming period, if price holds 445 levels and lower side it has major support at 435.

Fundamental News

Gold prices rose on Monday, shaking off early losses to consolidate above the $1,400 pivot, as focus shifted to global growth concerns and interest rate cuts by major central banks.

Oil tanker owners are avoiding sending their ships to the Middle East’s main refueling hub after a spate of attacks on vessels in the past two months ratcheted up tensions and highlighted the growing risks of operating in the region.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 34880. Now if price sustains on higher level then it will test next resistance level of 35000. On other side 34480 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 38200. Now if price sustains on higher level then it will test next resistance level of 38500. On other side 37900 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4020. Now if price sustains on higher level then it will test next resistance level of 4100. On other side 3910 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 435. Now if price sustains on lower level then it will test next support level of 430. On other side 443 will be major resistance level.

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