Market Outlook

MCX Gold has formed a small green candle on the daily chart after a bearish candlestick pattern, which means that the weakness may continue.On the lower end, support is visible at 40400/40300. On the higher end, price has resistance at 40550/40620. MCX Crude has formed a green candle after a harami candle on the daily chart, which is a confirmation of bullish reversal. On the lower end, price has support at 3620/3570 over the near term. On the higher end, resistance is visible at 3680/3720/3760. MCX Copper has closed higher for two consecutive days. On the lower end, support is seen at 433, whereas on the higher end, resistance is seen at 437-440.

Fundamental News

Gold prices traded lower on Wednesday in Asia as equities rebounded after data showed the number of new coronavirus cases fell today, but uncertainty over the economic impact of the outbreak remains.

Oil rallied back above $50 a barrel as investors waited to see whether Russia would accept an OPEC+ plan for production cuts to cope with demand destruction from the coronavirus. Meanwhile, an American Petroleum Institute report that showed U.S. crude inventories rose by 6 million barrels last week highlighted the weak global demand outlook.

GOLD

Gold showed bearish movement and major support around level of 40300. 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 bearish movement and major support around level of 45406. Now if price maintains on higher level then it will test next resistance level of 46200. On other side 45000 will be major support level.

CRUDE

Crude oil showed bullish movement and major resistance level of 3694. Now if price sustains on lower level then it will test next support level of 3600. On other side 3750 will be major resistance level.

COPPER

Copper showed bullish movement and found major resistance around level of 435.55. 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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