Today’s Crude Oil Market Movement and MCX Tips

Market Outlook

Gold price succeeded to touch our waited target at 28300 and settles below there, keeps pushing negatively on the price, and the price still out of the main bullish channel that was broken previously, which makes us continue suggesting the bearish trend in the upcoming period, Crude oil price rallied upwards strongly to the beach the correctional bearish channel’s resistance and settles above it,which confirms stopping the bearish correction that dominated the recent trades and the price head to return to the main bullish trend again, targeting testing the recently recorded top at 3815 initially. Copper price did not show any change until this moment by consolidating below 433 barriers, to continue blocking the bullish release, thus, the negative overview will remain valid.

Fundamental News

Gold prices dipped slightly in Asia on Tuesday with language from the Fed after its rate announcement on Wednesday seen as key for direction.

 

Crude oil prices gained in Asia on Tuesday led by Brent crossing $65 a barrel for the first time since 2015 as a shutdown of a key pipeline led to a spike in the global benchmark and investors looked ahead to US industry inventory estimates on crude and refined products.

Gold showed sideways to bearish movement and found the major support level of 28020. Now if price sustains on a lower level then it will test next support level of 27905. On another side, 28410 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 36600. Now if price sustains on a lower level then it will test next support level of 36320. On another side, 37100 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 3671. Now if price sustains on a lower level then it will test next support level of 3638. On another side, 3780 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 436. Now if price sustains on a higher level then it will test next resistance level of 440. On another side, 428 will be a major support level.

 

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