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Online MCX Tips and Market News

Market Outlook

Gold prices moved lower on Wednesday, pulling away from the previous session’s seven-week highs as investors locked in profits and as the U.S. dollar stabilized ahead of a highly-anticipated report on U.S. employment due later in the day. Oil prices fell on Wednesday, pressured lower by an unexpected increase in U.S. inventories and doubts over OPEC’s ability to curtail supply and rebalance the oversupplied global market. After follow-through strength on Monday, copper prices have been consolidating, they are generally holding up well, but have lost upward momentum.

Fundamental News

Gold is sensitive to moves higher in both U.S. rates and the dollar. The weaker dollar makes gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.

Oil prices were also under pressure amid fresh doubts over how effective production cuts by the Organization of the Petroleum Exporting Countries will be at reducing the global supply glut.

Gold showed bearish movement and found the important support level of 28467. Now if it will close below the important support level of 28400 then 28000 will act as next support level. On the other hand, 28860 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 37687. Now if it will close below the important support level of 37500 then 37000 will act as next support level. On the other hand, 39000 will act as a major resistance level.

Crude showed bullish movement and found the important resistance level of 3158. Now if it will close above the important resistance level of 3160 then 3235 will act as next resistance level. On the other hand, 3100 will act as a major support level.

Copper showed bearish movement and found the important support level of 404.15. Now if it will close below the important support level of 404 then 400 will act as next support level. On the other hand, 415 will act as a major resistance level.

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