Accurate Trading Tips & Updates on MCX Market

Market Outlook

MCX Gold price again slips on Monday but after downfall it suddenly took recovery from lower levels, now if price trades above 31750 in next trading session then it will remain continue with bullish trend and lower side it has intraday support at 31550. MCX Crude oil was range bounded, if it trades below 3990 in next period then it can take some correction from higher levels as well as find next correctional level of 3950 and below this level negative trend will active towards next support level i.e. 3900. MCX Copper showed sideways to downward side movement and it has immediate support at 440, if price breaks this level then this bearish movemetum can find next major support of 435.

Fundamental News

Prices of Gold edged up on Monday as expectations the U.S. Federal Reserve will be accommodative for the rest of the year weighed on the dollar though increased risk appetite limited bullion’s gains.

Crude Oil slipped to around $67 a barrel on Monday, weighed by concern that an economic downturn may dent fuel consumption, despite the prospect of prolonged OPEC-led oil supply curbs.

Gold showed sideways to bearish movement and found the major support level of 31550. Now if price sustains on lower level then it will test next support level of 31350. On other side 31750 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 37750. Now if price sustains on lower level then it will test next support level of 37500. On other side 38150 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4070. Now if price sustains on higher level then it will test next resistance level of 4150. On other side 3982 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 442. Now if price sustains on lower level then it will test next support level of 438. On other side 448 will be major resistance level.

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