Today’s Market Overview and Free MCX Calls

Market Outlook

Gold price continues to fluctuate around 1281.17 levels, settling inside the minor bullish channel that appears on the chart, which keeps the chances valid to continue the bullish trend on the intraday and short-term basis, waiting to confirm breaching the mentioned level to push the price towards 1299.20 initially. Crude oil price rallies upwards strongly since yesterday to successfully reaching our first main target at 3710, and the way seems open to continue achieving gains and head towards our next target at 3780, the bullish trend will remain valid and active in the upcoming sessions unless breaking 3630 followed by 3565 levels and holding below them. The copper price gained new positive momentum; the trading range for today is between 446.50 and 450.50.

Fundamental News

Gold prices were higher in early dealings on Wednesday, extending gains from the last session as investors looked ahead to minutes of the Federal Reserve’s latest policy meeting for further hints on the likely trajectory of monetary policy in the U.S. in the months ahead.

 

Oil prices jumped by 1 to 2 percent on Wednesday as ongoing cuts of piped Canadian crude to the United States added to falling U.S. crude inventories, while expectations of a prolonged OPEC-led production cut also offered support.

 

Gold showed sideways to bullish movement and found the major resistance level of 29550. Now if price sustains on a higher level then it will test next resistance level of 29680. On another side, 29250 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39650. Now if price sustains on a higher level then it will test next resistance level of 39950. On another side, 39150 will be a major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3780. Now if price sustains on a higher level then it will test next resistance level of 3815. On another side, 3678 will be a major support level.

Copper showed sideways to bullish movement and found the major resistance level of 450. Now if price sustains on a higher level then it will test next resistance level of 454. On another side, 445 will be a major support level.

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