Gold And Crude Oil Outlook For Monday.
Weekly Commodity/MCX News:
The trend of Gold is Bearish. Gold remained week due to the ease off between US and Europe after US agreed to refrain from imposing tariffs on cars from European Union. The Lower domestic demand put pressure on the gold prices. In MCX, it fell down by 128 points on weekly basis and ended at 29767 as compared to last week closing price of 29895. Gold prices are trading on weak note, thus we can expect the same momentum in Gold prices in upcoming day. Sell on high strategy would be better to follow for next week.
Resistance & Support
The Crude oil can remain Bearish. Lower inventory supported the prices at the lower levels. After falling for two weeks, crude oil bounced back from the lower levels after Saudi Arabia told that they were going to halt the oil shipment after the attack on two big oil tankers by Yemen houthi rebels. In MCX, Crude oil prices traded flat and ended lower by 3 points (0.07%) and ended at 4710 as compare to the last week closing price of 4713. Buy on dips strategy would be better to follow in Crude oil in coming days.
Resistance & Support
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