Profitable Daily Commodity Market Updates And Strategies

 

Market Outlook

MCX Gold opened on a lower note than previous session and tested the resistance of 38350 in the early part of the session but soon dragged to surpass the strong support of 38000 to close on a weak note losing around 1% than the previous session. Now, 37500 is seen as strong support for the bullion. MCX Crude showed gap up opening and continued the positive momentum throughout the session. Immediate resistance so seen is 3900 while 3800 as support. MCX Copper opened on a flat note and showed very less volatility and closed on a flat note with positive bias. Although it sustained near the resistance of 443 indicating that it may move towards next resistance of 445.

Fundamental News

Gold sunk beneath its bullish $1,500 perch as investors’ embraced risk and dumped safe havens on Friday. The selling was prompted by speculation the United States and China were on the verge of a trade deal, after more than a year of wrangling and hundreds of billions of dollars in tit-for-tat tariffs. Oil prices climbed Friday to tally a weekly gain of nearly 4%, as reported progress in U.S.-China trade negotiations eased worries about energy demand, and news of an explosion on an Iranian tanker fed tensions in the Middle East, raising the potential for crude-output disruptions in the region

GOLD

Gold showed bearish movement and found major support around level of 37691. Now if price sustains on lower level then it will test next support level of 37400. On other side 38300 will be major resistance level.

SILVER

Silver showed bearish movement and found major support around level of 44880. Now if price sustains on lower level then it will test next support level of 44000. On other side 46000 will be major resistance level.

CRUDE

Crude oil showed bullish movement and found major resistance around level of 3902. Now if price sustains on higher level then it will test next resistance level of 4000. On other side 3750 will be major support level.

COPPER

Copper showed bullish movement and found major resistance around level of 443.45. Now, if price sustains on higher level then it will test next resistance level of 448. On other side 438 will be major support level.

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