MCX Gold price shows more negative trading to attack 31300 level and moves below it now, which opens the way to continue the bearish bias for the rest of the day, oil price shows sideways and tight trading since morning, settling above 4530 level & some correction are expected from up to down side to keep the bearish trend scenario active for today, MCX Copper price confirmed the continuation of the bearish attempts by providing new negative close below the 457.
Precious metal prices fell to their lowest levels in two weeks on Monday as a stronger dollar and renewed risk appetite dampened demand for the Gold.
Oil prices started the week in negative territory on Monday, as market players continued to weigh a steady increase in U.S. production levels against ongoing efforts by major global crude producers to reduce a supply glut.
Gold showed sideways to bearish movement and found the major support level of 31211. Now if price sustains on lower level then it will test next support level of 31155. On other side 31385 will be major resistance level.
Silver showed sideways to bearish movement and found the major support level of 39480. Now if price sustains on lower level then it will test next support level of 39291. On other side 40345 will be major resistance level.
Crude oil price opens positive shows some consolidation but overall remain bullish on charts. Now if it sustains on higher level than it can test resistance levels are 4582 and 4600. On the other side 4468 is support level.
Copper price opens positive shows some consolidation but overall remain bearish on charts. Now if it sustains on lower level than it can test support levels are 451.65 and 446.60. On the other side 462.80 is resistance level.
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