Market Outlook

MCX Gold price on the hourly chart price has moved above previous swing high, which is a positive set up. The momentum indicator RSI is in a positive crossover and rising. On Crude oil price trades higher as Russia decided to cut production to accommodate the fall in demand due to coronavirus outbreak. On the higher end, resistance is visible at 3670/3720.MCX copper price has closed with a doji pattern which necessarily mean the indecisiveness. However, after a rally of almost 20 points in three days the metal is looking to consolidate in the near term.  On the daily chart, price has found resistance at the 440 levels before falling towards 434.

Fundamental News

Oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China which could cause fuel demand to rebound in the world’s biggest oil importer.

Gold prices fell on Thursday in Asia but were off two-week amid reports of a possible coronavirus breakthrough, although the World Health Organization later downplayed such media reports.

GOLD

Gold showed bullish movement and major resistance around level of 40421. Now if price maintains on higher level then it will test next resistance level of 40800. On other side 39900 will be major support level.

SILVER

Silver showed bullish movement and major resistance around level of 46328. Now if price maintains on higher level then it will test next resistance level of 47000. On other side 45700 will be major support level.

CRUDE

Crude oil showed bearish movement and major support level of 3583. Now if price sustains on lower level then it will test next support level of 3550. On other side 3750 will be major resistance level.

COPPER

Copper showed bullish movement and found major resistance around level of 439.45. Now if price sustain on lower level then next support level will be 430. And 440 will be major resistance level.

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