Market Outlook

MCX Gold price, on the daily chart has formed a bearish candle backed by decent volume on the daily frame.On the lower end, support is visible at 42300/42240. On the higher end, price has resistance at 42500/42650. MCX Crude, has fallen below previous swing low and so far sustained below it.On the lower end, price has support at 3300/3240 in the near term. On the higher end, resistance is visible at 3450/3520. MCX Copper has slipped below previous swing low, which has a bearish significance.On the lower end, support seen at 418/414, whereas on the higher end resistance is seen at 421/425.

Fundamental News

Oil fell an epic 15% or more on the week, the biggest weekly drop since 2008 that pushed crude prices to under $50 a barrel, as fears over the coronavirus crisis ravaged markets from stocks to even safe-havens like gold, leaving investors few places to hide.

With world markets crashing and burning over the coronavirus crisis, the one asset that’s supposed to be protecting investors is letting them down.Gold tumbled more than 3% on Friday, joining the carnage in oil and on Wall Street, where the S&P 500 headed for its worst weekly slump since the financial crisis of 2008.

GOLD

Gold showed bearish movement, found major support around level of 41275. Now if price maintains on higher level then it will test next resistance level of 42000. On other side 40700 will be major support level.

SILVER

Silver showed bearish movement and major support around level of 43950. Now if price sustains below 43800 levels then it will test support level of 43000. On other side 45500 will be major resistance level.

CRUDE

Crude oil showed bearish movement and major support level of 3202. Now if price sustains on lower level then next support level is 3100. On other side 3400 will be major resistance level.

COPPER

Copper showed bearish movement and found major support around level of 415.30. Now if price sustain on lower level then next support level will be 415. And 430 will be major resistance level.

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