MCX Gold after flat opening found support around lower levels and bounced towards near resistance on intraday charts. Now, 38000 is again acting as constant and stiff resistance for the bullion since last three sessions. MCX Crude oil rested near the supports after two day heavy sell offs and tried to remain above mark of 3900. Resistance is faced near 3950 sustaining above which can further wave it to higher side whereas 3850 is seen important support. MCX Copper started the session on flat note and moved gradually towards the resistance level of 456. It is still moving in its range on daily charts so observed during the week.
Gold prices rose back above the key $1,500 level on Friday as the U.S. dollar slipped on the back of a strong euro, though hopes for a thaw in Sino-U.S. trade tensions supported equity markets, capping bullion’s gains. Oil slipped to around $60 a barrel on Friday as concern about a slowdown in the global economy and oil demand outweighed hints of progress in the U.S.-China trade dispute.
Gold showed bearish movement and found the major support level of 37720. Now if price sustains on lower level then it will test next support level of 37500. On other side 38300 will be major resistance level.
Silver showed sideways to bearish movement and found the major support level of 45500. Now if price sustains on lower level then it will test next support level of 45000. On other side 47000 will be major resistance level.
Crude oil showed bearish movement and found the major support level of 3826. Now if price sustains on higher level then it will test next resistance level of 4050. On other side 3800 will be major support level.
Copper showed bullish movement and found the major resistance level of 460. Now if price sustains on higher level then it will test next resistance level of 465. On other side 455 will be major support level.
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