Profitable MCX News and Free Calls

Market Outlook

Gold price fluctuates near the key resistance 1287, and as long as the price is below this level, our bearish overview will remain active for Yesterday. The trading range for yesterday is between 1275 Support and 1287 Resistance. The intraday and short-term track to rise and stop the correctional bearish pressure that dominates trades recently. Crude oil price shows some bullish bias now. The trading range for today is between 3665 support and 3765 resistance. Copper price failed to record any new positive level since the last period, affected by some of the negative pressures lately, to settle near the initial support at 442.65, trading range for today is between Support 441 and Resistance 447.

Fundamental News

Gold edged higher in Asia on Wednesday as political risk rose after President Donald Trump in a speech to the South Korean parliament warned North Korea not to make a “miscalculation” in development of its missile and nuclear weapons programs.

Crude oil was narrowly mixed in Asia on Wednesday as estimates from an industry group weighed on sentiment with Middle East tension, however, continuing to offer support. Crude oil prices settled lower on Tuesday after OPEC said it expected a surge in North American shale output to cap demand for the cartel’s crude oil.

Gold showed sideways to bullish movement and found the major resistance level of 29600. Now if price sustains on a higher level then it will test next resistance level of 29720. On another side, 29400 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 40100. Now if price sustains on a higher level then it will test next resistance level of 40350. On another side, 39500 will be a major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3730. Now if price sustains on a higher level then it will test next resistance level of 3775. On another side, 3660 will be a major support level.

Copper showed sideways to bearish movement and found the major support level of 441. Now if price sustains lower level then it will test next support level of 438. On another side, `447 will be major resistance level.

 

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