Online Commodity Trading Tips

Market Outlook

MCX Gold started the session on weak note and continued it after a short uptrend. It hovered around the strong resistance of 38000 sustaining below which can result in some correction towards the support range of 37900-37750.  MCX Crude traded near highs of 4350 since last session. Now, 4300 may act as key support for the counter sustaininbg below which can further drag it towards 4250 whereas 4400 is seen as key resistance from current levels. MCX Copper traded on lower note and below the previous close. It took strong resistance near 446 and fell towards the near support of 443. It may find next support around 440.

Fundamental News

Gold prices inched lower on Friday in range-bound trade, pressured by increased risk appetite on hopes of an interim Sino-U.S. deal being signed soon, while investors awaited U.S. GDP data release for fresh cues.

Oil prices held steady near three-month highs on Friday, heading for a third consecutive weekly rise, on the back of easing Sino-U.S. trade tensions that have weighed on demand as well as the global economic growth outlook.

Gold showed bullish movement and major resistance around level of 38120. Now if price maintains on higher level then it will test next resistance level of 38300. On other side 37500 will be major support level.

Silver showed bullish movement and major resistance around level of 45100. Now if price maintains on higher level then it will test next resistance level of 45500. On other side 44500 will be major support level.

Crude oil showed bearish movement and major support level of 4276. Now if price sustains on lower level then it will test next support level of 4100. On other side 4400 will be major resistance level.

Copper showed bearish movement and found major support around level of 441.50. Now if price sustain on lower level then next support level will be 436. And 447 will be major resistance level.

  

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