Market Outlook

MCX Gold closed on bullish note in the previous session which was continued towards the near resistance of 39100. But today gold trade in bearish note if it sustains lower level than it may take support near 38970. MCX Crude showed some sideways moves but with positive bias. Strength will happen to continue till it sustains above 4400 mark and next resistance is seen near 4450. Strong support is marked near 4300. MCX Copper is witnessing sideways trend since last few sessions. Major bulls can be seen above 448 whereas 442 is seen as near support sustaining below which can drag it to deeper support levels.

Fundamental News

Gold rose to a two-month peak on Monday as a weaker dollar fuelled investor interest in the metal, with U.S. military strikes in the Middle East also providing some limited support in holiday-thinned trading. Oil prices traded at three-month highs on Monday, underpinned by optimism over an expected U.S-China trade deal, while traders kept a close eye on the Middle East following a U.S. air strike. Markets showed little initial reaction to news of the U.S. strikes in Iraq and Syria against an Iran-backed militia group, even as U.S. officials warned “additional actions” may be taken.

GOLD

Gold showed bullish movement and major resistance around level of 39090. Now if price maintains on higher level then it will test next resistance level of 39500. On other side 38700 will be major support level.

SILVER

Silver showed bullish movement and major resistance around level of 46956. Now if price maintains on higher level then it will test next resistance level of 48000. On other side 46000 will be major support level.

CRUDE

Crude oil showed bullish movement and major resistance level of 4450. Now if price sustains on lower level then it will test next support level of 4350. On other side 4500 will be major resistance level.

COPPER

Copper showed bearish movement and found major support around level of 444.25. Now if price sustain on lower level then next support level will be 440. And 448 will be major resistance level.

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