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Commodity MCX Market Guidelines

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Market Outlook:

Gold rose for a second straight session as the dollar dropped ahead of a two-day U.S. Federal Reserve meeting that investors are betting will leave interest rates unchanged. Base metals were higher in morning session but took reversal in evening session. Copper and nickel steadied as dollar softened and China’s property boom also lent support to prices. Oil prices edged lower ahead of an expected build in U.S. crude oil stocks. Natural gas climbed to the highest level since May 2015 on Tuesday, amid forecasts for warmer than normal temperatures.

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Fundamental News:

Gold rose for a second straight session on Tuesday as the dollar dropped ahead of a two-day U.S. Federal Reserve meeting that investors are betting will leave interest rates unchanged.

Oil prices edged lower on Tuesday ahead of an expected build in U.S. crude oil stocks and on Venezuelan comments that the oil market remains oversupplied by 10 percent.

Zinc rose on Tuesday, bouncing back for a second day after two weeks of losses, supported by speculators betting on shortages and an uptick in Chinese demand for industrial metals.

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gold

Gold showed sideways to bearish movement and near to its support level of 30850. Now if it will close above the important resistance level of 31000 then 31250 will act as next resistance level. On lower side 30750 will
act as vital support level.

silver

Silver showed bullish movement in today’s session. Now if it will maintain above its resistance level of 46500 then 47000 will act as next resistance level. On the other hand 45500 will act as important support level.

crude

Crude oil showed sideways to bearish movement. Now if it will maintain above 3000 then 3100 will be next resistance level. On the other hand 2900 will act as important support level.

copper

Copper showed sideways to bullish movement and found the important resistance of 325.20. Now if it will break the resistance level of 325 then 328 will act as next resistance level. On the other hand 321 will act as a major support level.

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