Market Outlook

MCX Gold after opening on a flat note showed a continuous upside rally facing strong resisatnce near 38000 ahead. It is expected to fall from such levels and on lower side, support is seen in range of 37700-37500.   MCX Crude witnessed bullish rally since last three consecutive sessions and is able to sustain above 4200 mark. Heading higher, 4300 is seen as important resistance whereas 4150 may act as near support from current levels. MCX Copper after a bearish attack in the previous session remained on positive note compared to previous close. Bulls can be sen active till it sustains above 440 mark whereas 438 is seen as important support.

Fundamental News

Gold prices edged lower on Monday after the United States and China agreed to a “phase one” trade deal that drove investors towards riskier assets, although a weaker dollar limited some of bullion’s losses.

Oil prices on Monday slid off near three-month highs hit last week as investors searched for clarity beyond the initial impact of a trade deal between the United States and China that’s expected to boost flows between the top two global economies.

Gold showed bullish movement and major resistance around level of 37967. Now if price maintains on higher level then it will test next resistance level of 38200. On other side 37400 will be major support level.

Silver showed bullish movement and major resistance around level of 44573. Now if price maintains on higher level then it will test next resistance level of 44600. On other side 44000 will be major support level.

Crude oil showed bullish movement and major resistance level of 4278. Now if price sustains on lower level then it will test next support level of 4200. On other side 4350 will be major resistance level.

Copper showed bearish movement and found major support around level of 440.90. Now if price sustain on lower level then next support level will be 438. And 445 will be major resistance level.

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