MCX Gold traded in the same consolidated range on daily chart since last five consecutive sessions. Recovery from bottom levels can be seen till it sustains above 38500 mark where 38700 is seen as important resistance. MCX Crude opened on a flat note and remained on lower side for early part of the session. However, it jumped from the resistance of 3740 and was keen to test the 3800 level on intraday charts. On lower side, 3690 is still seen as crucial support below which bears may drag it further. MCX Copper was sustaining on higher levels after the strong opening of the session. On lower side, 435 is seen as immediate support whereas 442 is marked as immediate resistance.
Gold prices edged lower on Friday as U.S. President Donald Trump’s remarks on progress in Sino-U.S. trade talks lifted risk appetite, while palladium was set to end a three-day winning streak after touching a record high in the previous session. Oil prices climbed early on Friday, building on gains in the previous session, after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war.
Gold showed bearish movement and found major support around level of 38077. Now if price sustains on lower level then it will test next support level of 37900. On other side 38500 will be major resistance level.
Silver showed bearish movement and found major support around level of 45085. Now if price sustains on lower level then it will test next support level of 44500. On other side 46000 will be major resistance level.
Crude oil showed bullish movement and found major resistance around level of 3804. Now if price sustains on higher level then it will test next resistance level of 3900. On other side 3700 will be major support level.
Copper showed bullish movement and found major resistance around level of 441.85. Now, if price sustains on higher level then it will test next resistance level of 445. On other side 436 will be major support level.
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