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Expert View on MCX Market 1st Jan 2018

Market Outlook

Gold price rallied upwards strongly to succeed breaching 1299.20 level and settles above it, which supports our bullish overview efficiently in the upcoming period, paving the way to head towards our next target at 1321.49, Crude oil price resumes its positive trading in attempt to move away from 60.00 barriers, to keep the bullish trend scenario active on the intraday and short-term basis, ur next target is located at 62.30, while holding above 59.00 represents key condition to continue the suggested rise. Copper price showed clear positive stability by leaning around 3.3100, confirming the stability within the bullish bias range by moving away from the initial support at 3.2500, trading range for today is between 3.2500 and 3.5200.

Fundamental News

Gold bulls weathered rising U.S. interest rates, record-high equity markets, and an improving global economy to push the metal to its best year since 2010.

 

As the price of oil rises, heavily-hedged shale drillers may find it harder to meet investor demands for payback, boosting the value of producers that haven’t locked in returns for future production. When West Texas Intermediate breached $60 a barrel, it was good news generally for U.S. shale producers.

Gold showed sideways to bullish movement and found the major resistance level of 29100. Now if price sustains on a higher level then it will test next resistance level of 29260. On another side, 28860 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39000. Now if price sustains on a higher level then it will test next resistance level of 39320. On another side, 38600 will be a major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3850. Now if price sustains on a higher level then it will test next resistance level of 3890. On another side, 3800 will be a major support level.

Copper showed sideways to bullish movement and found the major resistance level of 473. Now if price sustains on a higher level then it will test next resistance level of 477. On another side, 465 will be a major support level.

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