Today’s Gold Movement and MCX Tips

 

Market Outlook

Gold prices sank to a four-month low in early dealings on Thursday, as optimism towards U.S. lawmakers’ making progress on tax legislation continued to grow while fears over a potential government shutdown receded.Crude prices inched higher in early dealings on Thursday, but held near the prior session’s three-week lows amid concerns over rising production in the U.S.Most of the base metals prices are correcting, led by aluminium and nickel, while  lead price is holding up and copper and zinc prices have broken lower – but for now are seeing some support. The market, therefore, remains vulnerable. We do see this more as a technical/profit-taking correction rather than one that is warning of a meaningful economic slowdown.

Fundamental News

The dollar was already supported since the U.S. Senate passed a tax overhaul package over the weekend amid expectations that tax cuts for corporations will stimulate the U.S. economy.

 

U.S. crude production climbed by 25,000 barrels per day (bpd) to 9.71 million bpd, the highest since monthly figures showing the United States produced more than 10 million bpd in the early 1970s.

Gold showed sideways to bearish movement and found the major support level of 28650. Now if price sustains on a lower level then it will test next support level of 28585. On another side, 29000 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 36900. Now if price sustains on a lower level then it will test next support level of 36620. On another side, 37650 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3675. Now if price sustains on a higher level then it will test next resistance level of 3710. On another side, 3600 will be a major support level.

Copper showed sideways to bearish movement and found the major support level of 423. Now if price sustains on a lower level then it will test next support level of 418. On another side, 431 will be major resistance level.

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