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Expert Profitable Advice for MCX

Market Outlook

Gold prices fell to a fresh four-month low on Monday, as investors looked ahead to comments from key Fed officials and a raft of U.S. economic data for further signs of the central bank’s likely rate hike trajectory through the end of the year. Oil prices declined on Monday, adding to heavy losses at the end of last week on the back of high drilling activity in the United States and ample supplies from OPEC and non-OPEC nations. The base metals are looking weaker this morning with aluminum, lead and zinc consolidating in high ground, while the prices of the other metals seem to be drifting either as they consolidate, or as part of a correction.

Fundamental News

Gold fell sharply on Friday to notch its fifth weekly loss in a row as upbeat monthly data on U.S. jobs supported expectations for at least one more rate hike from the Federal Reserve this year.

The Organization of the Petroleum Exporting Countries has agreed with some non-OPEC members to curtail production until March 2018 but the move has failed to eliminate a global glut of crude.

Gold showed bearish movement and found the important support level of 27603. Now if it will close below the important support level of 27600 then 27300 will act as next support level. On the other hand, 28000 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 35460. Now if it will close below the important support level of 35500 then 35000 will act as next support level. On the other hand, 37000 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 2822. Now if it will close below the important support level of 2800 then 2750 will act as next support level. On the other hand, 2900 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 2822. Now if it will close below the important support level of 2800 then 2750 will act as next support level. On the other hand, 2900 will act as a major resistance level.

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