Safe Trading in MCX Market and News

Market Outlook

Gold price closed the daily candlestick below 1263.15, but it begins today positively to move above this level, we prefer staying aside temporarily in order to monitor the price behavior according to the above-mentioned level, as holding above it will push the price to start bullish wave that targets 1281.17 followed by 1299.20 levels as initial main stations. Crude oil price continues to rise calmly to approach gradually from key resistance located now at 58.30, as the price needs to breach this level to ease the mission of extending the bullish wave on the short-term basis, as our first main target is located at 59.00, Copper price provided slow positive trading, but its stability generally within the bullish channel levels besides its fluctuation, trading range for today is between 447 and 456.

Fundamental News

Gold prices remained supported on Wednesday, as optimism over a major U.S. tax overhaul quickly waned and offered no support to the dollar. Trading volumes were expected to become more and thinner throughout the week, ahead of the Christmas holiday.

 

Oil prices inched up on Wednesday, supported by expectations of a fall in U.S. crude inventories and by the ongoing outage of the North Sea Forties pipeline system.

Gold showed sideways to bullish movement and found the major resistance level of 28550. Now if price sustains on a higher level then it will test next resistance level of 28650. On another side, 28420 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 37800. Now if price sustains on a higher level then it will test next resistance level of 38120. On another side, 37300 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 3765. On another side, 3670 will be a major support level.

Copper showed sideways to bullish movement and found the major resistance level of 457. Now if price sustains on a higher level then it will test next resistance level of 462. On another side, 445 will be a major support level.

 

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