Basics Of Mcx Trading Tips For Investors

Market Outlook

MCX Gold price opens with negative bias and test its major support level of 31550 but unable to sustain below this level and also took quick recovery from lower levels. For     upcoming period it may give more upside movement and test next immediate resistance of 31800. MCX Crude oil took recovery from lower to higher side after bearish movement and price manages above 4200 in next session then we will keep bullish overview again up to next important resistance level of 4300. MCX Copper showed strong bearish movement and test its strong support of 408.50 and if price sustains below this level in upcoming session then it can test next support of 400.

Fundamental News

Gold prices eased to a one-week low on Thursday as investors opted for dollars and U.S. government bonds as a hedge against trade tensions between the United States and China.

Oil prices fell on Thursday on fears of a global economic slowdown due to a U.S.-China trade war but losses were capped by a tightening crude market and rising political tensions in the Middle East.

Gold showed sideways to bullish movement and found the major resistance level of 31900. Now if price sustains on higher level then it will test next resistance level of 32050. On other side 31500 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 36600. Now if price sustains on higher level then it will test next resistance level of 36900. On other side 36000 will be major support level.

Crude oil showed sideways to bearish movement and found the major support level of 3960. Now if price sustains on lower level then it will test next support level of 3880. On other side 4170 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 408. Now if price sustains on lower level then it will test next support level of 404. On other side 413 will be major resistance level.

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