Market Outlook

Gold price moved up above previous swing high on the daily chart and so far has rallied significantly. On the higher end, price reached towards 43800, where it found resistance. On the lower end, support is visible at 43500/43380. On the higher end, price has resistance at 43800/44000. MCX Crude has moved down sharply leading to formation of large red candle on the daily chart. On the lower end, price has support at 3650/3610 over the near term. On the higher end resistance is visible at 3700/3760. MCX Copper has slipped below previous swing low which has a bearish significance.

Fundamental News

Gold soared as much as 2.8% on Monday to its highest level in seven years, as investors worried about global economic growth in the face of sharply rising coronavirus cases outside China.

Oil prices tumbled more than 2% on Monday, as the rapid spread of a coronavirus in several countries outside China left investors fretting about a hit to demand.

GOLD

Gold showed bullish movement and major resistance around level of of 43788. Now if price maintains on higher level then it will test next resistance level of 44200. On other side 43000 will be major support level.

SILVER

Silver showed bullish movement and major resistance around level of 49234. Now if price sustains below 48500 levels then it will test support level of 48000. On other side 50000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and major support level of 3662. Now if price sustains on lower level then next support level is 3550. On other side 3800 will be major resistance level.

COPPER

Copper showed bearish movement and found major support around level of 427. Now if price sustain on lower level then next support level will be 425. And 434 will be major resistance level.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *