Updated Report of Gold and Silver Market

Market Outlook

Precious metal price found difficulty to confirm breaking 29800 level yesterday, to trade with intraday positivity, oil price continued to decline yesterday to touch the key support 4700, falling under down trend with negative pressure, we prefer staying aside until we get a clearer signal for the next trend, waiting to breaking 4700 support to determine the next targets. Mcx Copper price provided new negative close below 430 resistance, confirming the affection by the bearish bias domination until this moment, we will keep suggesting the negative attempts.

Fundamental News

On Tuesday gold prices were down, but remained on track for a fourth-straight month of losses. A policy decision Wednesday afternoon, but no rate hike is expected. On Wednesday crude oil prices fall after data from the American Petroleum Institute (API) showed U.S. crude stockpiles rose unexpectedly last week.

GOLD

Gold showed sideways to bearish movement and found the major support level of 29652. Now if price sustains on lower level then it will test next support level of 29512. On other side 29894 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 37900. Now if price sustains on lower level then it will test next support level of 37560. On other side 38250 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4610. Now if price sustains on lower level then it will test next support level of 4580. On other side 4710 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 415.25. Now if price sustains on lower level then it will test next support level of 409.55. On other side 429.30 will be major resistance level.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

 

Leave a Reply

Your email address will not be published. Required fields are marked *