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Free MCX Tips and Copper Updates

Market Outlook
Gold prices declined on Monday, falling toward a three-week low after U.S. congressional leaders reached an agreement to fund the government through the fall. Oil edged below $52 a barrel on Monday as rising crude output and drilling in the United States countered OPEC-led production cuts aimed at clearing a supply glut.U.S. Drillers added nine oil rigs in the week to April 28, bringing the count to the most since April 2015, energy Services Company Baker Hughes said on Friday. Crude output in the United States has hit its highest since August 2015, government data shows.

Fundamental News
The precious metal was 1.61% lower for the week, the largest weekly decline in almost two months as waning geopolitical tensions over North Korea and relief over the first round result in the French presidential elections sharpened risk appetite, pressuring gold.

U.S. output gains are limiting the impact of efforts led by the Organization of the Petroleum Exporting Countries to cut output by almost 1.8 million barrels per day for six months until June to banish a persistent glut.

Gold showed bearish movement and found the important support level of 28554. Now if it will close below the important support level of 28500 then 28100 will act as next support level. On the other hand 29000 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 39093. Now if it will close below the important support level of 39000 then 38200 will act as next support level. On the other hand 40000 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 3106. Now if it will close below the important support level of 3100 then 3050 will act as next support level. On the other hand 3200 will act as a major resistance level.

Copper showed bearish movement and found the important support level of 374.30. Now if it will close below the important support level of 370 then 365 will act as next support level. On the other hand 388 will act as a major resistance level.

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