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Today’s MCX Market News and Crude Oil Updates

Market Outlook

Gold prices held steady near the key $1,300-level on Wednesday, as market players braced for an annual gathering of central bankers, where the heads of the Federal Reserve and European Central Bank are set to deliver speeches on the outlook for monetary policy and interest rates. Oil prices fell on Wednesday, weighed down by concerns of oversupply as Libyan output improves and as U.S. gasoline inventories rose despite the peak summer driving season. For the most part, base metals prices are consolidating after their strong gains seen in mid-August or earlier, but up at these higher price levels, the metals are likely to have to absorb more selling/pricing, so choppy trading should be expected.

Fundamental News

Gold prices have ebbed and flowed ahead of the symposium of central bankers in Jackson Hole, which includes speeches by European Central Bank president Mario Draghi and Federal Reserve chair Janet Yellen.

Gasoline stocks, however, rose by 1.4 million barrels and distillates gained 2.0 million barrels, both more than expected. Analysts expected a 3.375 million barrels draw in crude stocks.

Gold showed sideways to bullish movement and found the important resistance level of 29214. Now if it will close above the important resistance level of 29300 then 29500 will act as next resistance level. On the other hand, 28800 will act as a major support level.

Silver showed sideways to bullish movement and found the important resistance level of 39145. Now if it will close above the important resistance level of 39400 then 40000 will act as next resistance level. On the other hand, 38000 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 3109. Now if it will close above the important resistance level of 3125 then 3200 will act as next resistance level. On the other hand, 3000 will act as a major support level.

Copper showed bearish movement and found the important support level of 419.10. Now if it will close below the important support level of 415 then 410 will act as next support level. On the other hand, 427 will act as a major resistance level.

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