Gold Prices Edging Higher and MCX News

Market Outlook

Gold price opens today’s trading with a slight bullish bias to approach the key Support 29500,  the price needs to breach this level to confirm extending the bearish wave towards our next negative target at 29260. We will continue to suggest the bullish trend in the upcoming sessions. Crude oil price settles at the near 3700 that forms good intraday support base now, we will continue to suggest the temporary bearish bias for the upcoming sessions, noting that we are waiting for bullish rebound to resume the main bullish trend after touching the 3725 level. All base metals are in negative bias, Copper price continues in the bearish attempts by lacking the negative momentum, trading range for today is between 431 and 439.Zinc continues is in a downtrend, trading rang for today is 201 Support and 206 Resistance.

Fundamental News

Crude prices were on the backfoot again on Wednesday, extending this week’s losses amid speculation weekly supply data due later in the day will show a surprise increase in U.S. crude inventories.

Gold prices were largely unchanged on Wednesday, as investors mostly shrugged off North Korea’s latest missile launch while looking ahead to comments from the head of the Federal Reserve and a batch of U.S. economic data for fresh clues on the likely trajectory of monetary policy.

Gold showed sideways to bearish movement and found the major support level of 29180. Now if price sustains on a lower level then it will test next support level of 29080. On another side 29500 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38050. Now if price sustains on a lower level then it will test next support level of 37750. On another side, 38810 will be major resistance level.

Crude Oil showed sideways to bearish movement and found the major support level of 3670. Now if price sustains on a lower level then it will test next support level of 3635. On another side, 3760 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 430. Now if price sustains on a lower level then it will test next support level of 427. On another side, 439 will be major resistance level.

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