MCX Gold found resistance at all time highs and dragged during the early trades towards near support levels. Now, 40000 is seen as strong resistance for the upcoming session sustaining above which again can mark new highs and any correction from higher levels can find support around psychological level of 39000. MCX Crude oil took recovery from lower levels and sustained above 3900 mark and if bulls continue then it may drift towards next resistance of 3950. MCX Copper showed up move in early trades after recovery from bottom levels. On continuation of bulls, it may move towards the next major resistance of 450 while support is seen near 440.
Gold eased on Wednesday as traders locked in gains after a 1% rise in the previous session, but prices stayed near multi-year highs on heightened fears of a global recession, as well as uncertainties around the Sino-U.S. trade spat and Brexit.
Oil prices recovered some ground on Wednesday, boosted on positive news from China’s services sector, having touched lowest in close to a month during the previous session on fears over the weakening global economy.
Gold showed bullish movement and found the major resistance level of 39800. Now if price sustains on lower level then it will test next support level of 39550. On other side 40000 will be major resistance level.
Silver showed sideways to bullish movement and found the major resistance level of 51425. Now if price sustains on lower level then it will test next support level of 50500. On other side 52000 will be major resistance level.
Crude oil showed bullish movement and found the major resistance level of 4080. Now if price sustains on higher level then it will test next resistance level of 4100. On other side 4000 will be major support level.
Copper showed bullish movement and found the major support level of 450. Now if price sustains on higher level then it will test next resistance level of 458. On other side 445 will be major support level.
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