Mcx Market Updation & News


Market Outlook:

Gold and silver was on strong positive way after unchanged US interest rate and made a recent new highs. In coming session bullishness can be seen in gold and silver. Buy on dips would be profitable strategy in gold and silver. Copper was bearish and broke the important support level. Demand in china was weak and in coming session more weakness can be seen. Crude oil showed negative movement due to inverse correlation with gold and silver.

Fundamental News:

1). Gold surged to the highest in almost two years as the outlook for low U.S. interest rates and concern that the U.K. will leave the European Union boosted demand for a haven.

2). Oil prices fell in early Asian trade on Thursday, heading for a sixth day of declines, following a lower than expected draw on US stockpiles and amid worries Britain might leave the European Union.


Gold opened on higher note after unchanged US interest rate at last night and found resistance of 31250. Now if it broke 31150 resistance levels than 31500 will act as next resistance level. On the other hand 30750 will be major support level.


Silver showed bullish movement found resistance of 42500. Now if it broke the important resistance level of 42500 then 43000 act as next resistance level. On lower side 41500 will act as important support level.


Crude oil showed downward movement after broke its important support of 3200 it found support of trend line on daily chart. Now if it showed bearish movement and sustain below 3110 then 3050 will be next support level. On the higher side important resistance is 3235.


Copper showed weak movement and found the support of 303. Sustain below 303 then next support level will be seen at 300. If some correction continues on higher side then it pull towards resistance level of 310.



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