Today’s Latest News for MCX Market

Market Outlook

Gold price begins today’s trading with slight bearish bias affected by the negative signal provided. We will continue to suggest the bearish trend unless breaching 1281.17 and holding above it, as breaching this level will push the price to achieve gains that start at 1299.20. Crude oil price shows some bearish bias to approach from testing the key support 3690 again. We will continue to suggest the bullish trend in the upcoming sessions conditioned by holding above 3725, as breaking it will push the price to test 3750 – 3780.Copper price still stable within the correctional Range of 454. We will continue to suggest the bearish bias domination until testing 440.50 level followed by waiting to gain new bullish momentum.

Fundamental News

Oil prices edged lower on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer.

Gold prices were on the back foot on Tuesday, as market players turned their attention to a panel discussion including the heads of the European, U.S., British and Japanese central banks for further hints on future monetary policy moves.

Gold showed sideways to bullish movement and found the major resistance level of 29750. Now if price sustains on a higher level then it will test next resistance level of 29850. On another side, 29400 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 40000. 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 bearish movement and found the major support level of 3600. Now if price sustains lower level then it will test next support level of 3570. On another side, 3735 will be major resistance 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 437. On another side, 453 will be major resistance level.

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