MCX Gold price has faced selling pressure from higher levels during Tuesday’s session.Momentum indicator MACD has given negative crossover on the daily chart, which also indicates the downside move in the prices. Gold is looking bearish with a potential to reach 39,700. On Crude oil price has moved lower during the day. Crude oil price is trading below its 20-day moving average.It is is looking bearish with a potential to reach 3,530. MCX copper price is trading below its Parabolic SAR, which indicates short term trend, remains negative. It is looking bearish with a potential to reach 423.
Oil climbed to $51 a barrel in New York as officials from OPEC+ gathered on Tuesday for an urgent meeting to assess the impact of the coronavirus on global demand, and how the group should respond. Gold prices fell on Tuesday as Asian stocks rebounded. The gains came even after Hong Kong today reported its first death from the coronavirus, the second fatality outside mainland China from an outbreak that has killed 425 people.
Gold showed bearish movement and major support around level of 40000. Now if price maintains on higher level then it will test next resistance level of 40500. On other side 39700 will be major support level.
Silver showed bearish movement and major support around level of 45430. Now if price maintains on higher level then it will test next resistance level of 46000. On other side 44800 will be major support level.
Crude oil showed bearish movement and major support level of 3572. Now if price sustains on lower level then it will test next support level of 3500. On other side 3750 will be major resistance level.
Copper showed bullish movement and found major resistance around level of 429.80. Now if price sustain on lower level then next support level will be 420. And 435 will be major resistance level.
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