MCX Gold has so far remained range bound for the week as traders remained cautious regarding the cases of corona virus. On the higher end, 40750 has been a resistance for the rising price, whereas on the lower end, 40300 has acted as strong support. MCX Crude prices has recovered to some extent after five weeks of continuous selling, short traders booked some profit. Going forward, price may move up 3780/3900. On the lower end, price has support at 3550. MCX Copper prices traded in range bound and hovered around 8 days EMA which support sideways view. One can expect upside movement if it crosses immediate resistance of 436.
Confusion over China’s accounting of the Covid-19 helped gold post its seventh weekly gain in eight and return to the $1,580 perch critical to those long the yellow metal. But guessing the market’s near-term direction remains difficult for investors due to the sheer uncertainty of the epidemic and alternative safe-haven choice offered by the dollar.Buying by small Chinese refineries, bets that Russia will submit to OPEC and optimism that global oil demand won’t totally cave on the virus outbreak have combined to give crude its first weekly gain in six.
Gold showed bullish movement and major resistance around level of 41300. Now if price maintains on higher level then it will test next resistance level of 41600. On other side 40700 will be major support level.
Silver showed bullish movement and major resistance around level of 46400. Now if price maintains on higher level then it will test next resistance level of 46800. On other side 45400 will be major support level.
Crude oil showed bullish movement and major resistance level of 3694. Now if price sustains on lower level then it will test next support level of 3600. On other side 3750 will be major resistance level.
Copper showed bullish movement and major resistance level is 438. Now if price sustains on lower level then it will test next resistance level of 42. On other side 430 will be major support level.
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