Get Success In Commodity Market With Trading Tips

Market Outlook

MCX Gold showed less movement for the early part of the session. In previous session, 37500 ated as important support for the bullion below which it may further drag whereas 37800 may act as immediate resistance for it. MCX Crude has been showing sideways movement since last three consecutive sessions where 4200 is acting as important resistance while support is seen in the range of 4150-4100. It needs to give a decisive breakout on either side to decide the trend further. MCX Copper traded with positive bias for the session on back of bulls so seen in the later half of previous session. On higher side, 440 is seen as immediate resistance while 432 may act as strong support.

Fundamental News

Gold prices edged lower on Wednesday after U.S. President Donald Trump’s comment that Washington was close to an interim trade deal with China boosted demand for riskier assets.

Oil steadied above $64 a barrel on Wednesday as an industry report showing a surprise boost in U.S. crude inventories was offset by optimism about a U.S.-China trade deal being agreed.

Gold showed bearish movement and major support around level of 37500. Now if price sustains on lower level then it will test next support level of 37300. 38000 will be major resistance level.

Silver showed bearish movement and major support around level of 43900. Now if price sustains on lower level then it will test next support level of 44000. On other side 45000 will be major resistance level.

Crude oil showed bearish movement and break the major support level of 4150. Now if price sustains on lower level then it will test next support level of 4000. On other side 4225 will be major resistance level.

Copper showed bearish movement and found major resistance around level of 437. Now if price sustain on lower level then support level will be 432. And 430 will be major support level.

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