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Market Outlook
MCX Gold price positive trades yesterday to breach 30700 level and closed above it, after that some correction are expected from down side. The bullish trend scenario on the short term and intraday basis, Oil price shows some bullish bias after strong negative momentum, we keep preferring the down side momentum in the upcoming sessions if the price closed below 4155, Mcx Copper price providing some intraday positive trading, the stability above 442.50 against the current fluctuation, to confirm the positive momentum in upcoming sessions.

Fundamental News

Precious metal prices moved lower on Tuesday, trimming some of the previous day’s gains as U.S. stock futures pointed to a recovery on Wall Street following Monday’s selloff, dampening safe haven demand for bullion.

Crude Oil prices inched forward on Tuesday, as a slow down of U.S. production outweighed concern over increased Russian output. Oil futures rose 0.70% to $63.45 a barrel by 4:45 AM ET (8:45 GMT).

Gold prices falls today and sustaining above level of 30630 now if it continues bearish trend then it can test support level of 30600 and if price sustains further then it can test next support level of 30455. On other side 31065 can be major resistance level.

Silver showed bearish movement and broke major psychological level of 38500 and if it continues to sustain at lower levels then it can test next support level of 38180 and further it can test next support level of 38050. On other side 39060 can be major resistance level.

Crude oil price opens lower but follow bullish trend for the day. Sustaining above psychological level of 4100. Major resistance levels are 4155 and 4241. On the other side support level is 4078.

Copper showed bullish movement but made some recovery at the end of the day if it continues bullish run it can test major resistance levels of 446.15 and 449.15. On other side 434.95 can be major support level.

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