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Daily Updates of MCX Market and Copper News

Market Outlook

Gold prices steadied on Tuesday, catching their breath after rallying sharply in the prior session, as investors looked ahead to fresh comments from Federal Reserve Chair Janet Yellen for greater signs on the timing of the next rate hike. Brent oil prices hovered near 26-month highs on Tuesday, supported by Turkey’s threat to cut crude exports from Iraq’s Kurdistan region and signs of quicker market rebalancing. The three-month copper price has been struggling to hold ground after erasing last month’s rally to a three-year high but it was recently trading higher than Monday’s close.

Fundamental News

The yellow metal rallied 1.1% on Monday after tensions on the Korean peninsula flared-up anew amid an escalating war of words between North Korea and the U.S.

Oil prices have gained roughly 20% from their June lows, meeting the definition of a bull market, as data showed strong compliance from major producers with their supply cut agreement and as talk grows of a likely extension of the deal.

Gold showed bearish movement and found the important support level of 29780. Now if it will close below the important support level of 29750 then 29400 will act as next support level. On the other hand, 30150 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 39672. Now if it will close below the important support level of 39500 then 39000 will act as next support level. On the other hand, 40500 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 3373. Now if it will close below the important support level of 3350 then 3300 will act as next support level. On the other hand, 3475 will act as a major resistance level.

Copper showed bearish movement and found the important support level of 421.60. Now if it will close below the important support level of 420 then 415 will act as next support level. On the other hand, 430 will act as a major resistance level.

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