Today’s Market Analysis and Free MCX Calls

Market Outlook

Gold price shows calm positive trades to approach our first waited target gradually at 1335.40, reminding you that breaching this level will push the price to head towards 1365.97 as a next main station. Crude oil price continues to fluctuate between the key levels represented by 58.60 support and 60.14 resistance, to keep our neutrality valid until now, as we are waiting to breach one of these levels to detect the next targets clearly, that breaching 60.14 will lead the price to start recovery attempts that target 61.40 followed by 62.65 levels initially, while breaking 58.60 will push the price to suffer more losses and head towards 56.08 as a next main station. Copper price provided new positive close above the level 3.08, allying above the current barrier at 3.0800 and providing positive close will allow the price to regain the bullish bias, positive targets that start at 3.2200 followed by 3.4400.

 

Fundamental News

The biggest demand for gold is for use in gold jewelry which accounts for roughly 50% of total demand, according to the World Gold Council.

 

Oil prices continued to recover in morning trade in Asia, supported by expectations of higher global demand and higher imports from China. The positive forecast could lend renewed support for oil.

Gold showed sideways to bullish movement and found the major resistance level of 30464. Now if price sustains on a higher level then it will test next resistance level of 30639. On another side, 30030 will be a major support level.

Silver showed sideways to bearish movement and found the major support level of 37785. Now if price sustains on a lower level then it will test next support level of 37540. On another side, 38310 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 3753. Now if price sustains on a lower level then it will test next support level of 3706. On another side, 3855 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 455. Now if price sustains on a higher level then it will test next resistance level of 460.70. On another side, 445.30 will be a major support level.

 

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