Today’s Market Analysis and Free MCX Tips

Market Outlook

Gold price finds difficulty to break 1335.40 level until now, to show some slight bullish bias now, we continue to suggest the coorectional bearish trend domination unless breaching 1353.00 level and holding above it, as breaching this level will push the price back to its main bullish track. Crude oil price broke 64.20 level and closed the daily candlestick below it, which confirms opening the way to achieve bearish correction for the rise measured from 56.08 to 66.70. Copper price stability within the main bullish channel, we notice forming new sideways trades by approaching 3.1500 level, he continuation of the positivity depends on the stability of the bullish channel’s support at 3.000, below this level will cancel the bullish overview and confirm the preparation to build new bearish bias in the upcoming period.

 

Fundamental News

Gold prices rise in Asia on Wednesday as President Donald Trump urged bipartisan cooperation on overhauling US immigration policies and rebuilding infrastructure in an address to Congress on Tuesday night.

 

Oil prices fell for a third day on Wednesday after data from an industry body showed U.S. crude stocks rose more than expected last week, while a selloff in other commodities, stocks and bonds added to investors’ bearish mood.

 

Gold showed sideways to bullish movement and found the major resistance level of 30170. Now if price sustains on higher level then it will test next resistance level of 30291. On other side 29954 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39450. Now if price sustains on higher level then it will test next resistance level of 39850. On other side 38850 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4153. Now if price sustains on higher level then it will test next resistance level of 4229. On other side 4063 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 457.90. Now if price sustains on higher level then it will test next resistance level of 460.00. On other side 445.30 will be major support level.

 

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