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GOLD MARKET ANALYSIS & NEWS UPDATES

Market Outlook
Gold MCX price in positive trades price in morning session made high around 30615 level, after that taking strong resistance and downward it upto 30450. Crude oil MCX price continued in its bullish trend yesterday to settle above and it might be some bearish correction upto 4205 level, waiting to regain crude price & the chances of continuing the main bullish trend. Copper price fluctuating below resistance level 447, the consolidation below 447 will confirm the bearish momentum in price & expect to move towards 435.

Fundamental News

The dollar weakened broadly after the Federal Reserve raised interest rates on Wednesday but stuck to its forecast for two more hikes this year. A weaker dollar makes gold, which is denominated in the U.S. currency less expensive for overseas buyers.

Middle East tensions between Saudi Arabia and Iran, as well as concerns that the U.S. will reimpose sanctions on Iran, are also supporting oil markets. Oil prices rose on Thursday morning in Asia, lifted by an unexpected draw on U.S. crude inventories.

Gold showed sideways to bearish movement and found the major support level of 30439. Now if price sustains on lower level then it will test next support level of 30185. On other side 30590 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38480. Now if price sustains on lower level then it will test next support level of 38234. On other side 39076 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 4190. Now if price sustains on lower level then it will test next support level of 4141. On other side 4289 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 431.55. Now if price sustains on lower level then it will test next support level of 429.60. On other side 449.15 will be major resistance level.

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