Gold Market News and MCX Updates

Market Outlook

Gold price rebounds bearishly clearly after touching the key resistance 1321.49, on its way to test the key support base 1299.20, these factors encourage us to continue suggesting the bullish trend in the upcoming sessions, reminding you that breaching 1321.49 will extend Gold price gains to reach 1357.53 as a next main station, Crude oil price keeps rallying bullishly to surpass the minor bullish channel’s resistance that appears on the chart and moves above 62.00$ barrier now, reinforcing the expectations of continuing the bullish trend on the intraday and short term basis, Copper price showed positive stability against stochastic negativity by consolidating above 3.2000 level, we will keep suggesting the sideways trading for now until gathering the bullish momentum again.

Fundamental News

Gold prices fell on Thursday after the minutes from the Federal Reserve’s December meeting showed that officials discussed a faster pace of rate increases this year. Fed officials have penciled in three rate increases this year and two in 2019.

Oil prices on Thursday hit their highest in over 2-1/2 years, marking levels not seen since before a slump in commodity markets in 2014/15, boosted by tensions in key producer Iran and by ongoing OPEC-led output cuts. Strong economic data supports oil markets.

Gold showed bullish movement and found the major resistance level of 29298. Now if price sustains on a higher level then it will test next resistance level of 29430. On another side, 29061 will be a major support level.

Silver showed bullish movement and found the major resistance level of 39485. Now if price sustains on a higher level then it will test next resistance level of 39761. On another side, 39010 will be a major support level.

Crude oil showed bullish movement and found the major resistance level of 3950. Now if price sustains on a higher level then it will test next resistance level of 3992. On another side, 3903 will be a major support level.

Copper showed sideways to bearish movement and found the major support level of 453.85. Now if price sustains on a lower level then it will test next support level of 451.70. On another side, 462.85 will be major resistance level.

 

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