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Live MCX Tips by Market Experts

Market Outlook

MCX Gold price’s recent trades are confined within bearish pennant pattern, which means that breaking its support at 30800 will activate the negative effect of this pattern and push the price to resume the bearish trend, oil price traded positively to breach 4420 level and settles above it, which urges caution from the upcoming trading, as continuing the rise and breaching 4565 level will stop the recently suggested bearish track. MCX Copper price continued to rise to reach the previously recorded top at 498, showing some bearish bias by today’s opening, as the price needs to get enough positive momentum to continue the bullish trend.

Fundamental News

 Precious metal prices were little changed in European morning trade on Friday as investors looked forward to the start of the Group of Seven summit.

Crude Oil prices fell from earlier gains on Friday amid increasing U.S. output and signs of weakening demand in China. According to the EIA’s weekly report. Only Russia currently produces more, at around 11 million bpd, Domestic oil production – driven by shale extraction – hit a record of 10.8 million barrels per day (bpd).

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31334. Now if price sustains on higher level then it will test next resistance level of 31428. On other side 31060 will be major support level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 40225. Now if price sustains on lower level then it will test next support level of 40056. On other side 40670 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4479. Now if price sustains on higher level then it will test next resistance level of 4500. On other side 4407 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 493.25. Now if price sustains on higher level then it will test next resistance level of 502. On other side 484.80 will be major support level.

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