Graphical Analysis of Daily MCX Data

Market Outlook

MCX Gold price showed new test to 31100 level and keeps its stability below it, we should note that breaching 31100 level will stop the expected decline and push the price to start recovery attempts that target 31550. Oil price settles below 4420 level until now, these factors encourage us to continue suggesting the bearish trend in the upcoming sessions conditioned by the price stability below 4365 levels, MCX Copper price confirmed keeping the positive attempts by providing new positive close above 467 support expecting to move towards the first positive station at 462.

Fundamental News

Prices of gold moved little on Tuesday near yesterday’s lows as markets await the newest developments in the global trade dispute instigated by the US. Crude oil is recovering amid expectations of a drop in US inventories as demand increases in summer. However, discussions between OPEC members are brewing over rising production levels later this year to compensate potential supply shortages from Iran due to US sanctions, and the crushing economic crisis in Venezuela.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31084. Now if price sustains on higher level then it will test next resistance level of 31113. On other side 30871 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 39850. Now if price sustains on higher level then it will test next resistance level of 40116. On other side 39485 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4399. Now if price sustains on higher level then it will test next resistance level of 4435. On other side 4316 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 474.85. Now if price sustains on higher level then it will test next resistance level of 476.50. On other side 464.25 will be major support level.

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