MCX Gold price moved higher as rising threat of China’s Coronavirus kept investors away from equity. Gold is looking bullish with a potential to reach 40,900. MCX Crude Oil price has moved lower during the day. The price has given breakdown of lower support of 3800 levels on the hourly chart. MCX Crude Oil is looking bearish with a potential to reach 3,700. MCX Copper trend is bearish on daily chart. Technically it is traded below 8 days Exponential moving average. One can expect downward movement if it breaches its immediate support mark of 427 whereas immediate resistance mark is 430. MCX Copper is looking bearish with a potential to reach 424.
Crude prices extended declines on Monday, dropping below $60 for the first time in nearly three months as the death toll from China’s coronavirus rose and more businesses were forced to shut down, stoking expectations of slowing oil demand.
Gold jumped as the spread of the coronavirus globally spurred demand for haven assets. In the latest attempt at containment, China extended the week-long Lunar New Year holiday and banned all outgoing overseas group tours to avoid having travelers contribute to its spread.
Gold showed bullish movement and major resistance around level of 40800. Now if price maintains on higher level then it will test next resistance level of 41000. On other side 40000 will be major support level.
Silver showed bullish movement and major resistance around level of 47600. Now if price maintains on higher level then it will test next resistance level of 48000. On other side 46300 will be major support level
Crude oil showed bearish movement and major support level of 3735. Now if price sustains on lower level then it will test next support level of 3700. On other side 4000 will be major resistance level.
Copper showed bearish movement and found major support around level of 428. Now if price sustain on lower level then next support level will be 425. And 440 will be major resistance level.
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