MCX Gold opened on a gap up note continuing the previous session’s bullish momentum and was able to sustain at higher levels. The bullion is again near to its important resistance of 38000 whereas 37700 is seen as near term support for it; closing below which can again reverse the trend on lower side. MCX Crude oil had been hovering in the same range since last four sessions where 4240 is acting as strong resistance and 4100 as strong support. However, strong selling pressure took it towards the support level in afternoon session which kept it on lower levels. MCX Copper also remained on lower levels after a weak opening and 440 acted as immediate support during the session.
Gold rose to a more than one-week high on Monday as weaker-than-expected economic data from Europe heightened fears of a slowdown in global growth, while palladium continued its record run driven by short supply of the auto-catalyst metal. Oil fell below $64 a barrel on Monday, reversing an earlier gain, after a source said Saudi Arabia would fully restore oil output lost after attacks on its facilities faster than some traders expected.
Gold showed bullish movement and found the major resistance level of 37974. Now if price sustains on lower level then it will test next support level of 37700. On other side 38300 will be major resistance level.
Silver showed bullish movement and found the major resistance level of 48170. Now if price sustains on lower level then it will test next support level of 47500. On other side 49000 will be major resistance level.
Crude oil showed bearish movement and found the major support level of 4084. Now if price sustains on higher level then it will test next resistance level of 4250. On other side 4000 will be major support level.
Copper showed bearish movement and found the major support level of 439.40. Now if price sustains on higher level then it will test next resistance level of 450. On other side 438 will be major support level.
(Click to submit your details) Just one step to get the best trading tips and Recommendation