Best Trading Strategy of MCX Market

Market Outlook
Mcx Gold price positive trades yesterday to breach 30800 level and closed above it, after that it takes strong resistance of 31065 level, after breaching & holding above it,confirm the its bullish track upto 31550. Oil price’s recent trades are confined within bearish flag pattern, we will continue to suggest the bearish trend in the upcoming sessions, Mcx Copper price provide us to strong negative trades in the previous session, if breaching the current resistance will push the price back to the bullish. Trading range for today is between 442.50 and 430.80.

Fundamental News

Precious metal prices rose to the day’s highs on Wednesday as safe haven demand for bullion was boosted by escalating trade tensions after China announced countermeasures against the latest U.S. tariffs.

Oil prices pushed lower on Wednesday, as investors looked ahead to fresh weekly data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise.

Gold price opens higher shows bullish movement but remain bearish for the end of day. Now if it sustains on lower level then it can test support levels are 30653 and 30530. On the other side resistance level is 31168.

Silver price opens higher shows bullish movement but remain bearish for the end of day. Now if it sustains on lower level then it can test support levels are 38101 and 37850. On the other side resistance level is 38847.

Crude oil price opens higher but remain bearish for the day. Sustain below major psychological level of 4100 with major support levels are 4025 and 3985. On the other side resistance level is 4144.

Copper showed bearish movement but made some recovery at the end of the day if it continues bearish run it can test major support levels of 428.65 and 425. On other side 442.10 can be major support level.

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