MCX Gold opened gap up and did not show major movements and remained sideways for the session. If it sustains above 39700 then it may face resisatnce in range of 39800-39900. On lower side, 39300 may continue to act as important support for the bullion. MCX Crude opened gap down and hovered near 4100 level for most part of the session. Sustaining below 4100 can further drag it towards support 4050 whereas 4150 is seen as resisatnce. MCX Copper remained at higher levels after the previous session gains so seen in the later half. Strength is seen till the metal sustains above 450 mark which may lead towards 455 while 445 may act as major support.
Gold prices rose on Wednesday as investors sought safer assets amid uncertainty about the effectiveness of the U.S.-China Phase 1 trade deal after a top U.S. official said tariffs on Chinese goods would stay in place even after the agreement is signed.
Oil prices slipped on Wednesday on concerns that the pending Phase 1 trade deal between the United States and China, the world’s biggest oil users, may not boost demand as the U.S. intends to keep tariffs on Chinese goods until a second phase.
After gap up opening Gold showed bearish movement and major support around level of 39262. Now if price maintains on higher level then it will test next resistance level of 39700. On other side 39000 will be major support level.
After gap up opening Silver showed bearish movement and major support around level of 45811. Now if price maintains on higher level then it will test next resistance level of 45500. On other side 46500 will be major support level.
Crude oil showed bearish movement and major support level of 4050. Now if price sustains on lower level then it will test next support level of 4000. On other side 4200 will be major resistance level.
Copper showed bullish movement and found major resistance around level of 455. Now if price sustain on current level then next resistance level will be 458. And 447 will be major support level.
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