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Commodity Market Latest Updates & Strategies

Market Outlook

MCX Gold opened gap down after previous session’s bearish moves from higher resistance. However, bulls can be active till the bullion sustains above 40000 where 41100 will continue to act as important resistance. On lower side, support is seen in range of 40000-39800. MCX Crude showed strong sell offs from higher levels and showed gap down opening for the session. Bears can become active if it holds below the immediate support of 4450 while 4600 wil continue to act as resistance. MCX Copper hovered around resistance levels after giving a positive close in previous session. It may test the resistance of 450 if the metal sustains above 448.

Fundamental News

Gold prices slipped further on Tuesday from the previous sessions near seven-year high, as Middle East tensions cooled and investors booked profit, while palladium touched a new high.

 

Oil prices fell more than 1% on Tuesday as investors reconsidered the likelihood of Middle East supply disruptions in the wake of the United States killing a top Iranian military commander. Brent crude fell as much as 1.5% to $67.86 a barrel and was at $68.09, down 82 cents. U.S. West Texas Intermediate (WTI) crude futures was at $62.53, down 74 cents, after earlier dropping 1.5% to an intra-day low of $62.30.

Gold showed bullish movement and major resistance around level of 40700. Now if price maintains on higher level then it will test next resistance level of 41100. On other side 40000 will be major support level.

Silver showed bullish movement and major resistance around level of 48200. Now if price maintains on higher level then it will test next resistance level of 48700. On other side 47500 will be major support level.

Crude oil showed bearish movement and major support level of 4466. Now if price sustains on lower level then it will test next support level of 4400. On other side 4600 will be major resistance level.

Copper showed bullish movement and found major resistance around level of 448.75. Now if price sustain on lower level then next support level will be 445. And 452 will be major resistance level.

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