Market Outlook

Gold prices extended weak for the seventh consecutive day to touch Rs 38400. Investors seek refuge in the yellow metal on worries of coronavirus spreading across the globe and its impact on the economy. Crude Oil corrects as worries about demand for fuel being sapped by the global coronavirus outbreak were heightened by concern over non-OPEC crude producers agreed to cut output further to support prices of 2123. Copper trade in southward and settled with negaitive bias. One can expect downside movement if it crosses immediate support mark of 404 and immediate support mark is 395.

Fundamental News

Gold prices tumbled below $1,500 a troy ounce to their lowest since August as more and more investors were forced to liquidate positions due to liquidity stresses elsewhere in their portfolios.

A surge in demand to ship the flood of crude oil unleashed by Saudi Arabia and its OPEC peers is sending freight rates surging and forcing buyers to seek out space on smaller tankers after the largest ones have been booked out.

GOLD

Gold showed bearish movement, found major support around level of 38400. Now if price maintains on higher level then it will test next resistance level of 41500. On other side 38400 will be major support level.

SILVER

Silver showed bearish movement and major support around level of 33760. Now if price sustains below 35000 levels then it will test support level of 32000. On other side 40000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and major support level of 2123. Now if price sustains on lower level then next support level is 2000. On other side 2400 will be major resistance level.

COPPER

Copper showed bearish movement and found major support around level of 404.40. Now if price sustain on lower level then next support level will be 405. And 420 will be major resistance level.

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