Market Outlook :
MCX Gold showed bullish breakouts above the important resistance levels of 39500 and closed above 40000 mark. The record highs of the bullion indicates the bullish momentum might contine and 40500 is seen as immediate resistance while 39500 will now mark as near support for it. MCX Crude jumped on back of news so arose after US airstrike on Iran. It tested 4600 mark but closed around 4500. If correction happens then support is seen in range of 4350-4300. MCX Copper is witnessing sideways trend since last few sessions. Major bulls can be seen above 445 whereas 438 is seen as near support sustaining below which can drag it to deeper support levels.
Gold prices climbed to a four-month high on Friday, as tensions mounted in the Middle East after a senior Iranian military official was killed in a U.S. air strike, while a weaker dollar also provided some support to the metal.
Oil jumped toward $70 a barrel after a U.S. airstrike ordered by President Trump killed a top Iranian general in Iraq, intensifying fears of conflict in the world’s most important crude-producing region. Brent futures surged by more than 4% in busy trading on Friday to levels not seen since the attacks on Saudi Arabia’s oil facilities in September.
Gold showed bullish movement and major resistance around level of 40123. Now if price maintains on higher level then it will test next resistance level of 40500. On other side 39700 will be major support level.
Silver showed bullish movement and major resistance around level of 47924. Now if price maintains on higher level then it will test next resistance level of 48000. On other side 47000 will be major support level.