Market Outlook

MCX Gold sustained at higher levels after the bulls so seen in the previous session. Bullion surpassed the immediate resistance of 37700 and sustaining above it may pull it towards the key resistance of 38000 whereas on lower levels, 37470 is seen as strong supporton daily charts. MCX Crude has been showing range bound movement since last few sessions where 4200 is acting as crucial resistance whereas support is seen in the range of 4150-4130. It needs a decisive breakout on either side to decide the trend further. MCX Copper found certain resistance near 443 levels on intraday basis sustaining above which may lead it towards 445 while 439 is seen as important support.

Fundamental News

Gold prices traded higher on Thursday in Asia after the U.S. Federal Reserve held its benchmark interest rate steady and signalled it expects that hold to last through 2020.

Oil prices edged higher on Thursday with the market mood switching to relief as OPEC forecast a supply deficit next year, from doom and gloom over data showing a surprise increase in U.S. crude inventories. OPEC on Wednesday said it now expected a small deficit in the oil market in the next year.

GOLD

Gold showed bullish movement and major resistance around level of 38068. Now if price maintains on higher level then it will test next resistance level of 38000. On other side 37400 will be major support level.

SILVER

Silver showed bullish movement and major resistance around level of 44630. Now if price maintains on higher level then it will test next resistance level of 44500. On other side 43400 will be major support level.

CRUDE

Crude oil showed bullish movement and major resistance level of 4223. Now if price sustains on lower level then it will test next support level of 4100. On other side 4250 will be major resistance level.

COPPER

Copper showed bullish movement and found major resistance around level of 442.95. Now if price sustain on lower level then next support level will be 438. And 445 will be major resistance level.

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