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Profitable Data Analysis of Gold Market

Market Outlook
MCX Gold price confirmly breaching the level 30650 in the morning session and made a low of 30500 in the end of the day.Crude oil price trades with bearish bias in shows to resume the bullish trend because of some correction are expected. After that it’s taking weekly resistance. We are waiting for breakout of 4320 resistance level and 4150 support level. There is no change in Copper price its stability below the resistance at 437.50.we are waiting for confirming the bearish trend if breaking the support 426.80 level and stability below it. Some sideways trading is expected before the negative momentum.

Fundamental News

The yellow metal still hovers near a one-week low as a rebound in the dollar earlier this week sent the bullion to its biggest one-day fall in nearly nine months. Gold prices inched up on Thursday as the dollar headed lower despite a better-than-expected GDP data.

Crude Oil prices rose on Thursday as the producer cartel OPEC and other suppliers look set to continue withholding output for the rest of the year and potentially into 2019.

Gold showed sideways to bearish movement and found the major support level of 30465. Now if price sustains on lower level then it will test next support level of 30277. On other side 30904 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38234. Now if price sustains on lower level then it will test next support level of 38101. On other side 38825 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 4141. Now if price sustains on lower level then it will test next support level of 4078. On other side 4305 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 436.15. Now if price sustains on higher level then it will test next resistance level of 439.50. On other side 425 will be major support level.

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