Market Outlook

MCX Gold price has given a breakout of its horizontal trend line at 39,900 levels on the hourly chart.MCX Gold is looking bullish with a potential to reach 41000. MCX Crude Oil price continue its bearish trend. Technically, it is traded below 8 days EMA which supports bearish view. One can expect downside movement if it breaches the immediate support mark of 3850. MCX Copper trend is bearish on daily chart.Technicallly it is traded below 8 days Exponential moving average. One can expect downward movement if it breaches its immediate support mark of 437 whereas immediate resistance mark is 440.

Fundamental News

Gold edged lower on Friday after the World Health Organisation stopped short of declaring the China virus outbreak a global emergency, though prices were still on track to post a weekly gain.

Oil prices edged up on Friday, helped by a decline in U.S. crude stockpiles, but were on track for to fall up to 5% for the week on worries that the China coronavirus that has killed 25 so far may spread, curbing travel, fuel demand and economic prospects.

GOLD

Gold showed bullish movement and major resistance around level of 40440. Now if price maintains on higher level then it will test next resistance level of 40700. On other side 40000 will be major support level.

SILVER

Silver showed bullish movement and major resistance around level of 47025. Now if price maintains on higher level then it will test next resistance level of 47600. On other side 46300 will be major support level.

CRUDE

Crude oil showed bearish movement and major support level of 3850. Now if price sustains on lower level then it will test next support level of 3800. On other side 4000 will be major resistance level.

COPPER

Copper showed bearish movement and found major support around level of 437.40. Now if price sustain on lower level then next support level will be 432. And 447 will be major resistance level.

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