facebook

Safe Trading in MCX Market and News

Market Outlook

Gold prices were higher on Wednesday, but held close to their lowest level in six weeks, as investors continued to track progress made by U.S. lawmakers to pass a bill that will overhaul the American tax system. Oil prices fell on Wednesday after a surprise rise in U.S. inventories of refined products in what the market interpreted as a sign of flagging demand. The base metals are selling off. This suggests stale long liquidation has emerged after prices failed to extend the October rallies, and with the year-end approaching, it is not surprising some profit-taking is being seen. The market, however, seems concerned about slower growth in China and while that view is held then prices may well fall further, but we would view this as leading to a better buying opportunity.

Fundamental News

Gold prices fell as bullish sentiment in risk markets continued amid growing investor expectations that the Senate and House of Representatives will reconcile their respective bills.

Oil analysts have raised their forecasts for the crude price next year after major producers agreed to extend output cuts, a Reuter’s poll showed on Wednesday.

Gold showed sideways to bearish movement and found the major support level of 28900. Now if price sustains on a lower level then it will test next support level of 28785. On another side, 29100 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 37400. Now if price sustains on a lower level then it will test next support level of 37120. On another side, 37950 will be major resistance level.

Crude Oil showed sideways to bearish movement and found the major support level of 3615. Now if price sustains on a lower level then it will test next support level of 3580. On another side, 3720 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 423. Now if price sustains on a lower level then it will test next support level of 418. On another side, 431 will be major resistance level.

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

Leave a Reply