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Market Outlook

MCX Gold has been in sideways movement during the previous session. On the lower end it found support at 40500 whereas on the higher end it found resistance at 40700. MCX Crude has corrected for 3rd day in row, which signifies ongoing weakness in the price. Price has slipped below previous swing low on the daily chart. MCX Copper has, for the second consecutive day, confirmed the ongoing weakness in the metal price. On the daily chart, a bearish candle has formed.On the lower end, support is seen at 428-427, whereas on the higher end, resistance is seen at 433/437.

Fundamental News

Gold prices slipped on Friday in Asia ahead of the release of the much-anticipated job report data due later in the day.The fall in gold prices came even after Asian equities traded mostly lower today, with Hong Kong’s stocks losing about 0.5%.

Oil prices advanced on Friday after Russia said it backs a recommendation for OPEC and other producers to cut their output further amid falling demand for crude as China battles the corona virus epidemic.

GOLD

Gold showed bullish movement and major resistance around level of 40715. Now if price maintains on higher level then it will test next resistance level of 41000. On other side 40200 will be major support level.

SILVER

Silver showed bullish movement and major resistance around level of 46320. Now if price maintains on higher level then it will test next resistance level of 47000. On other side 45500 will be major support level.

CRUDE

Crude oil showed bearish movement and major support level of 3544. Now if price sustains on lower level then it will test next support level of 3450. On other side 3650 will be major resistance level.

COPPER

Copper showed bearish movement and found major support around level of 428.50. Now if price sustain on lower level then next support level will be 425. And 435 will be major resistance level.

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