Market Outlook

 MCX Gold opened gap down and sustained below the crucial support of 39500. However, any closing above the mentioned mark may pull the bullion towards the resistance range of 39800-39900 whereas 39100 might continue to act as strong support from current levels. MCX Crude showed sideways movement finding key support around 4100 mark below which it may further drag towards lower levels while 4200 is seen as resistance ahead. MCX Copper did not moved decisively and is not clearing the trend further as 454 had been acting as strong resistance since last few sessions while 445 is still acting as important support for it.

Fundamental News

Gold prices fell to their lowest in nearly two weeks on Tuesday as risk appetite was whetted by stronger-than-expected China economic data and the imminent signing of a preliminary U.S.-China trade deal. Oil prices steadied on Tuesday, after recent declines, as investors focused on the signing of a preliminary trade deal between the United States and China, the world’s top oil consumers, and on expectations of a drawdown in U.S. stockpiles. However, price gains were capped by receding Middle East tensions, with both Tehran and Washington desisting from any further escalation after this month’s clashes.

GOLD

Gold showed bearish movement and major support around level of 39262. Now if price maintains on higher level then it will test next resistance level of 39700. On other side 39000 will be major support level.

SILVER

Silver showed bearish movement and major support around level of 45811. Now if price maintains on higher level then it will test next resistance level of 45500. On other side 46500 will be major support level.

CRUDE

Crude oil showed bearish movement and major support level of 4092. Now if price sustains on lower level then it will test next support level of 4050. On other side 4200 will be major resistance level.

COPPER

Copper showed bullish movement and found major resistance around level of 452.70. Now if price sustain on lower level then next support level will be 447. And 455 will be major resistance level.

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