facebook

MCX Market Calls and News Update

Market Outlook

Gold price continued its bullish rally to reach the thresholds of the first waited target at 1281.17 and waiting to breach the mentioned level to confirm extending the bullish wave towards 1299.20 as a next station. We believe that the chances are valid to continue rising in the upcoming period. Crude oil price opens today’s trading with a bullish gap that puts the price around 58.00 level, to keep the bullish trend scenario active for the upcoming period, reminding you that our first waited target is located at 59.00, waiting to breach this level to confirm extending the bullish wave towards 60.00 followed by 62.00.Copper price continued its bullish rally, trading range for today 459 Support and 464 Resistance.

Fundamental News
Gold prices hit a three-week high on Tuesday, while the dollar showed little movement as trading volumes were expected remain subdued during the holiday season. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.14% at 92.97.

Oil’s Bull Run is grinding to a halt. Hedge funds lowered their bets on Brent crude after they rose to a record a week earlier. And the net-bullish position on West Texas Intermediate, which hit a nine-month high last month, dwindled for a third straight week.

Gold showed sideways to bullish movement and found the major resistance level of 28900. Now if price sustains on a higher level then it will test next resistance level of 29160. On another side, 28600 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 38350. Now if price sustains on a higher level then it will test next resistance level of 38775. On another side, 37900 will be a major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3850. Now if price sustains on a higher level then it will test next resistance level of 3890. On another side, 3730 will be a major support level.

Copper showed sideways to bullish movement and found the major resistance level of 468. Now if price sustains on a higher level then it will test next resistance level of 471. On another side, 457 will be a major support level.

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

Leave a Reply