Today’s MCX Market Trend and Gold News

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Market Outlook

Gold prices started the week on an upbeat note on Monday, supported by safe-haven demand as a conflict between Iraqi and Kurdish forces broke out near the oil-rich city of Kirkuk.Oil markets jumped on Monday as Iraqi forces entered the oil city of Kirkuk, taking territory from Kurdish fighters and raising concerns over exports from OPEC’s second-largest producer.Copper prices rallied to a three-year high on Monday, leading other industrial metals higher, after data showed China’s factory-gate prices shot up to a six-month high last month.

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Fundamental News

Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion.

Oil consumption has also been strong, especially in China, where the central bank governor said on Monday that the economy is expected to grow by 7 percent in the second half of this year, defying widespread expectations for a slowdown.

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Gold showed sideways movement and found the support level of 29800 and upside it took resistance level of 29970. Now if price sustains above 29970 then 30085 will act as a next resistance level and downside 29680 will act as a next support level.

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Silver showed sideways to bullish movement and found the major resistance level of 40700. Now if price sustains on a higher level then it will test next resistance level of 41000. On the lower side, 40000 will be a major support level.

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Crude oil gave some positive movement but it was not showed strength on a higher level. Now for upcoming session price sustains on the lower side than 3300 will act as a major support level and upward side it has a major resistance level of 3400.

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Copper showed bullish movement and found important resistance level of 468. If price sustains above 468 then 472 will act as next resistance level and downside it will test major support level of 449.

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