MCX Gold remained on positive side after strong closing of previous session and tested 40000 mark which is now seen as crucial level playing as resistance for the bullion. If it sustains above it then 40200 is seen as next resistance whereas major support from current levels is seen near 39800. MCX Crude opened above 4200 mark but however faced difficulty to sustain above it for most part of the session. Major support is seen in range of 4120-4100. MCX Copper strongly resisted near 457 on daily charts since last few sessions. On lower levels, 451 is seen as key support for the metal whereas sustaining above can lead it towards 460.
Gold traded in a narrow $3 range on Monday as strong U.S. economic data encouraged investment in riskier assets while limited risk hedging supported the metal. Trading volumes were low with U.S. markets closed for a holiday and ahead of the Chinese Lunar New Year starting later this week.Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, setting the stage for crude flows from the OPEC member to be cut to a trickle.
Gold showed bullish movement and major resistance around level of 40000. Now if price maintains on higher level then it will test next resistance level of 40300. On other side 39500 will be major support level.
Silver showed bullish movement and major resistance around level of 46970. Now if price maintains on higher level then it will test next resistance level of 47500. On other side 46000 will be major support level.
Crude oil showed bullish movement and major resistance level of 4222. Now if price sustains on lower level then it will test next support level of 4100. On other side 4300 will be major resistance level.
Copper showed sideways movement and found major support around level of 454.60. Now if price sustain on lower level then next support level will be 450. And 458 will be major resistance level.
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