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Free MCX Tips |Upcoming News and Alert for 19/12/2016

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gold-silver

Market Outlook

Low investment demand, stronger dollar index and rate hike in the US are push factors exerting downside pressure on precious metals. The selloff could extend further as 11 of 17 voting members of the fed suggested at least three rate hikes in 2017. Base metals are mixed on the LME but a stronger dollar could weigh across the complex today. We expect copper, lead and aluminum to trade lower while range bound in zinc and nickel. In energy sector, Crude Oil prices remained steady on morning in Asian trade Investors will await cues from of data from Building Permits and Housing Starts for November US tonight. We expect range bound trade in oil prices.

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Fundamental News

Gold spiked to session highs on Friday following word of renewed tension in the South China Sea after word China seized an American underwater drone off the coast of the Philippines on Thursday.

Oil rose on Friday, edging closer to new 17-month highs as producers showed signs of adhering to a global deal to reduce output.

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Gold showed bullish movement and found the important support level of 26972. Now if it will close below the important support level of 26800 then 26500 will act as next support level. On the other hand 27500 will act as a major resistance level.

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Silver showed bullish movement and found the important support level of 39188. Now if it will close below the important support level of 39000 then 38300 will act as next support level. On the other hand 40000 will act as a major resistance level.

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Crude showed bullish movement and found the important support level of 3427. Now if it will close below the important support level of 3390 then 3300 will act as next support level. On the other hand 3610 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 384.Now if it will close below the important support level of 383 then 375 will act as next support level. On the other hand 395 will act as a major resistance level.

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