Free Indian Commodity MCX Market News | MCX Tips

Market Outlook:

Gold price continues to fluctuate around 1321.49 level in attempt to breach it, getting continuous positive support, to keep the chances valid to continue rising in the upcoming period, reminding you that breaching the mentioned level is required to open the way to head towards our next target at 1357.53. Crude oil price shows sideways and tight trades now, settling around 63.50 level, and the price still organized inside the intraday bullish channel that appears on the chart, waiting to resume the bullish trend that its next main target located at 64.15. Copper price begun to renew the attempts to gain positive momentum due to stochastic surpass to the overbought level, to keep its stability above the support at 3.2000, which supports the beginning of forming new bullish attack that allows it to reach 3.4400 and 3.5500.

Fundamental News

Gold prices inched lower in early dealings on Thursday, as the dollar recovered against major rivals after China’s regulator called a report about Beijing slowing or halting of its U.S. bond buying possibly wrong.

Crude prices were largely unchanged near recent highs in early dealings on Thursday, drawing support from a report showing U.S. crude stockpiles declined for an eighth straight week. Total U.S. crude oil inventories stood at 419.5 million barrels as of last week, slightly below the five-year average of just over 420 million barrels.

Gold showed sideways to bullish movement and found the major resistance level of 29510. Now if price sustains on higher level then it will test next resistance level of 29662. On other side 29267 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39129. Now if price sustains on higher level then it will test next resistance level of 39372. On other side 38742 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4143. Now if price sustains on higher level then it will test next resistance level of 4169. On other side 4040 will be major support level. Copper showed sideways to bullish movement and found the major resistance level of 459.60. Now if price sustains on higher level then it will test next resistance level of 462.85. On other side 452.50 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 459.60. Now if price sustains on higher level then it will test next resistance level of 462.85. On other side 452.50 will be major support level.

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