Profitable Daily Commodity Tips

Market Outlook

MCX Gold opened on a weak note and remained on lower levels in the first half of the session. On daily charts, it resisted near 38300 and dragged. Now, it is trading near to crucial support of 38000 below which it may slip towards deeper supports whereas resistance will be maintained in range of 38100-38300. MCX Crude traded near the previous close with some negative bias or the session. It may drop towards the support range of 4050-4020 whereas 4130 is seen as resistance. MCX Copper surpassed the support of 435 so seen on daily charts since last few sessions. If the metal continues to fall then 430 may act as immediate support while 436 is seen as resistance.

Fundamental News

Gold prices held steady on Thursday, supported by concerns that U.S. legislation on Hong Kong could increase tensions between the United States and China and delay an interim trade deal.

Oil prices edged lower on Thursday as fresh tensions between the United States and China over protests in Hong Kong fuelled concern that a deal to end a trade war between the world’s top two economies may be further delayed.

Gold showed bearish movement major support around level of 37900. Now if price sustains on lower level then it will test next support level of 37700. 38500 will be major resistance level.

Silver showed bullish movement and found reistance around level of 45018. Now if price sustains on lower level then it will test next support level of 44000. On other side 45500 will be major resistance level.

Crude oil showed bullish movement and break the major resistance level of 4160. Now if price sustains on higher level then it will test next resistance level of 4250. On other side 3950 will be major support level.

Copper showed bearish movement and found major support around level of 430. Now if price maintains above level then it will test resistance level of 440. And 445 will be major resistance level.

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