Today’s Strategy & Accurate Gold Market Tips

Market Outlook

MCX Gold price trades with slight positivity to gradually move away from the EMA50, which supports the continuation of our bullish overview on the intraday basis, oil price ended yesterday’s trading below 3960 after the bullish rally that it witnessed in the previous sessions, which keeps the bearish trend scenario active on the intraday and short term basis, Copper price confirmed its affection by the bullish bias by its repeated stability above the initial support at 434, its readiness to renew the bullish attack, to attempt to surpass 452, which increases the chances for reaching 457.

Fundamental News

On Thursday Gold prices were flat in Asia on reports that Federal Reserve might consider a pause to the rate hikes cycle.

Crude Oil prices steadied on Thursday morning in Asia as U.S. crude stock rose to its highest level in 11 months, putting pressure on oil prices. The market expects OPEC to cut output, easing market fears of an oversupply.

Gold showed sideways to bearish movement and found the major support level of 30600. Now if price sustains on lower level then it will test next support level of 30475. On other side 30900 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 36642. Now if price sustains on lower level then it will test next support level of 36300. On other side 36995 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 3810. Now if price sustains on lower level then it will test next support level of 3753. On other side 3903 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 434.35. Now if price sustains on lower level then it will test next support level of 428.35. On other side 439.70 will be major resistance level.

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