Market Outlook

MCX Gold showed bullish breakouts above the important resistance levels of 41000 on back of US-Iran tensions although didn’t sustained above it during the session. If the bullion sustains above 41000 mark then it may reach towards further record highs whereas 40000 is now recognized as the near support. MCX Crude opened on highs gaining more than 3 percent but was unable to sustain above the highs. If bullish sentiments continued then 4700 is seen as near resistance whereas 4500 is marked as support. MCX Copper is witnessing sideways trend since last few sessions. Major bulls can be seen above 445 whereas 438 is seen as near support.

Fundamental News

Gold surged close to a seven-year peak on Monday, as investors flocked to the safe-haven metal on escalating U.S.-Iran tensions, while palladium surpassed the level of $2,000 to hit a record high.

Oil prices shot more than 2% higher on Monday, with Brent rising above $70 a barrel, after U.S. President Donald Trump issued a threat to impose sanctions on Iraq amid escalating tensions with Iran in the Middle East. The gains extended Friday’s more-than-3% surge after a U.S. air strike in Iraq killed top Iranian commander Qassem Soleimani on Friday.

GOLD

Gold showed bullish movement and major resistance around level of 41100. Now if price maintains on higher level then it will test next resistance level of 41100. On other side 40000 will be major support level.

SILVER

Silver showed bearish movement and major support around level of 47310. Now if price maintains on higher level then it will test next resistance level of 48500. On other side 47000 will be major support level.

CRUDE

Crude oil showed bearish movement and major support level of 4510. Now if price sustains on lower level then it will test next support level of 4400. On other side 4600 will be major resistance level.

COPPER

Copper showed bullish movement and found major resistance around level of 445. Now if price sustain on lower level then next support level will be 438. And 448 will be major resistance level.

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