Upcoming MCX Tips and News 30th Oct

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Market Outlook

Gold prices pared loss to trade above break even on Friday following a surge in the dollar after data showed economic growth remained robust in the third quarter pointing to underlying strength in the U.S. economy. Oil prices jumped about 2 percent on Friday, with global benchmark Brent crude rising above $60 per barrel, on support among the world’s top producers for extending a deal to rein in output and as the dollar retreated from three-month peaks. Aluminium is taking its number one position in the base metals space and probably the best amongst the Non-Agri commodities spectrum as supply concerns behind the rally shows no signs of easing off.

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Fundamental News

The upbeat growth sparked a surge in both the dollar and U.S. Treasury yields which limited gains in gold prices amid ongoing speculation concerning President Donald Trump’s choice of candidate for the Fed’s top post.

Oil prices have been hovering near their highest levels for this year amid signs of a tightening market, renewed support this week of an extension of production cuts and tensions in Iraq.

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Gold showed sideways to bearish movement and found the support level of 29200 and upside it took resistance level of 29380. Now if price sustains below 29200 then 29105 will act as a next support level and up-side 29490 will act as a next resistance level.

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Silver showed sideways to bearish movement and found the major support level of 38900. Now if price sustains on a lower level then it will test next support level of 38650. On another side, 39400 will be major resistance level.

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Crude oil showed sideways to bullish movement and found the major resistance level of 3520. Now if price sustains on a higher level then it will test next resistance level of 3565. On another side, 3410 will be a major support level.

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Copper showed sideways to bearish movement and found the major support level of 442. Now if price sustains on a lower level then it will test next support level of 438. On another side, 454 will be major resistance level.

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