facebook

MCX Market Analysis and Updates

a1

Market Outlook

Gold prices fell modestly in European morning trade on Wednesday, but remained supported close to the prior session’s three-month high amid growing concerns over political risks in Europe and economic uncertainty in the U.S.Gold for April delivery on the Comex division of the New York Mercantile Exchange shed $2.70, or about 0.2%, to $1,233. Oil prices dropped on Wednesday to extend falls from the previous day, as a massive increase in U.S. fuel inventories and a slump in Chinese demand implied that global crude markets remain oversupplied despite OPEC-led efforts to cut output.

a2

Fundamental News

China had a strong finish to the year. Q4 gold demand rose 86% year-on-year, pushing annual demand to 284.6 ton, the highest level since 2013. This was slightly above the 5year average of 275t. Four factors underpinned China’s strong finish.

Oil lower ahead of U.S. stockpile data, Brent crude was off 27 cents, or 0.48%, at $55.45 at 08:00 ET. U.S. crude shed 26 cents, or 0.49%, to $52.75. Increased U.S. drilling could derail the impact of agreed cuts by other major producers.

a3 a4

Gold showed bullish movement and found the important resistance level of 29450. Now if it will maintain above the important resistance level of 29450 then 29650 will act as next resistance level. On the other hand 29200 will act as a major support level.

a5

Silver showed bullish movement and found the important resistance level of 42600. Now if it will maintain above 42600 then 43000 will act as next resistance level. On the other hand 42000 will act as a major support level.

a6

Crude showed bullish movement and found the important resistance level of 3535. Now if it will close above the important resistance level of 3550 then 3600 will act as next resistance level. On the other hand 3490 will act as a major support level.

a7

Copper showed bullish movement and found the important support level of 400. Now if it will close below the important support level of 400 then 405 will act as next support level. On the other hand 390 will act as a major support level.

a8

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply