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Upcoming MCX Market News 5 Feb 2018

Market Outlook

Gold price achieved initial break to 1335.40 level and settles below it, which supports the continuation of our bearish overview efficiently in the upcoming sessions, Crude oil price faced strong negative pressure to break the bullish channel’s support line that appears on the above chart, the price rebounds bullishly to recover quickly, which supports the chances of continuing the overall positive scenario in the upcoming period, and the price needs to breach 65.85 to confirm opening the way to head towards our positive targets that start at 66.70 and extend to 69.00, Copper price should renew the bullish attempts by providing the bullish momentum to expect surpassing 3.3000 level in the current period. and begin recording the main targets by its rally to 3.4400 reaching to the bullish channel resistance at 3.5300.

Fundamental News

Gold prices fell sharply amid dollar strength following a jobs report showing the US economy created more jobs than expected in January, while signs of wage growth lifted investor expectations for a faster pace of rate hikes.

Crude oil prices settled lower as data pointing to signs of rising output weighed on sentiment while a rebound in the dollar added to downside momentum.

Gold showed sideways to bearish movement and found the major support level of 30205. Now if price sustains on lower level then it will test next support level of 29929. On other side 30474 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38402. Now if price sustains on lower level then it will test next support level of 38253. On other side 39615 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 4141. Now if price sustains on lower level then it will test next support level of 4063. On other side 4248 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 449. Now if price sustains on lower level then it will test next support level of 445. On other side 458 will be major resistance level.

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