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Best MCX Premium Tips and Calls

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Market Outlook

Gold prices were little changed on Wednesday, as investors looked ahead to a batch of U.S. economic data and more comments from Federal Reserve Chair Janet Yellen for further clues on the pace of the central bank’s interest rate increases. The yellow metal was on the backfoot after Fed Chair Yellen left the door open to an interest rate increase at the central bank’s March policy meeting. The dollar was higher against other major currencies as comments by Federal Reserve Chair Janet Yellen. Oil prices were lower after data overnight showed a massive build-up in U.S. crude.

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Fundamental News

The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced. Both a strong dollar and higher interest rates are typically bearish for gold.

Crude settled higher in the U.S. on Tuesday with estimates of U.S. crude and refined product stocks due from the American Petroleum Institute (API).

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Gold showed bearish movement and found the important support 1evel of 28850. Now if it will maintain above the important resistance level of 29080 then 29200 will act as next resistance level. On the other hand 28850 will act as a major support level.

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Silver showed bearish movement and found the important resistance level of 42280. Now if it will maintain above 42750 then 43300 will act as next resistance level. On the other hand 42200 will act as a major support level.

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Crude showed sideways to bearish movement and found the important resistance level of 3600. Now if it will close above the important resistance level of 3625 then 3700 will act as next resistance level. On the other hand 3520 will act as a major support level.

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Copper showed bearish movement and found the important support level of 400. Now if it will close below the important support level of 400 then 395 will act as next support level. On the other hand 410 will act as a major resistance level.

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