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Make Profit In Commodity Market

 Market Outlook

MCX Gold showed range bound movement and the bullion was trying to sustain above 38000. If it continues to sustain above it then the immediate resistance range is seen around 38200-38300 whereas 37750 is seen as strong support for the counter. MCX Crude oil opened below the previous close which showed a stupendous rally. Now, it has become the crucial for the movements in Crude as 4500 may hinder to move ahead whereas if corrections from such highs occur then it may drag towards near support of 4300. MCX Copper traded at lower levels after the previous session’s weak closing. Now, 455 is again marked as important resistance whereas 450 as support.

Fundamental News

Gold prices were steady on Tuesday as investors adopted a wait-and-see approach ahead of the U.S. Federal Reserve’s two-day monetary policy meeting, when the central bank is widely expected to cut interest rates.

Saudi Aramco has informed at least six refiners in Asia that it will supply full allocated volumes of crude oil in October following attacks on Saudi oil facilities on the weekend, although at least one has been told of a grade switch partially.

GOLD

Gold showed bullish movement and found the major resistance level of 38200. Now if price sustains on lower level then it will test next support level of 38850. On other side 38500 will be major resistance level.

SILVER

Silver showed bullish movement and found the major resistance level of 47400. Now if price sustains on lower level then it will test next support level of 47000. On other side 47900 will be major resistance level.

CRUDE

Crude oil showed bearish movement and found the major support level of 4185. Now if price sustains on higher level then it will test next resistance level of 4450. On other side 4150 will be major support level.

COPPER

Copper showed bearish movement and found the major support level of 450. Now if price sustains on higher level then it will test next resistance level of 456. On other side 448 will be major support level.

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