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Free MCX Trading Tips and Gold Market News

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Market Outlook

Gold and silver were trading higher with marginal gains in morning trade on Wednesday on account of lukewarm buying in precious metals by jewellers, retailers and industries. Markets are also waiting for indications on policy from the US President-elect Donald Trump’s first news conference since the US elections, due later in the day. We expect in coming session bullions may trade  to bullish. On Wednesday, the U.S. Energy Information Administration said U.S. crude inventories increased by 4.1 million barrels from the previous week. In next session crude may trade to more bullish.

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Fundamental News

Gold on Wednesday held near a six-week high hit in the previous session, with economic and political uncertainty boosting its safe-haven appeal.

Oil prices rose on Wednesday, following news of Saudi supply cuts to Asia, but persistent doubt over output reductions and signs of rising shipments from other producers kept gains in check.

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Gold showed sideway to bullish movement and found the important resistance level of 28290. Now if it will sustain below the important support level of 27950 then 27750 will act as next support level. On the other hand 28300 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 40500. Now if it will sustain below 40500 then 40000 will act as next support level. On the other hand 41500 will act as a major resistance level.

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Crude showed sideways to bullish movement and found the important support level of 3478. Now if it will close above the important resistance level of 3600 then 3650 will act as next resistance level. On the other hand 3500 will act as a major support level.

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Copper showed sideways movement and found the important resistance level of 397. Now if it will close below the important support level of 390 then 385 will act as next support level. On the other hand 400 will act as a major resistance level.

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