Choose The Best Strategy for Gold Trading

Market Outlook

MCX Gold price achieved good gains yesterday to move away from the key support 30100, settling above the EMA50 now, reinforcing the expectations of continuing the bullish trend on the intraday basis, Oil price succeeded to break the bearish flag’s support line mentioned yesterday and settled with a daily close below it, to activate the negative effect of this pattern, reinforcing the expectations of continuing the bearish trend in the upcoming period, MCX Copper price succeeded to face the negative pressure, to shrink the chances for exiting the bullish track by its rally to the moving average 55, achieving 435 level, which supports the continuation of the positivity unless breaking the main support at 424.

Fundamental News
On Thursday morning Gold prices rose in Asia as the U.S. dollar weakened on investors’ expectations of a slowdown in interest rate hikes.

Crude Oil prices rose on Thursday morning in Asia despite a leap in U.S. crude inventories and ahead of an OPEC meeting next week in Vienna.

Gold showed sideways to bearish movement and found the major support level of 30200. Now if price sustains on lower level then it will test next support level of 30070. On other side 30339 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 35552. Now if price sustains on lower level then it will test next support level of 35220. On other side 35998 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 3464. Now if price sustains on lower level then it will test next support level of 3400. On other side 3638 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 426.45. Now if price sustains on lower level then it will test next support level of 421.20. On other side 433.20 will be major resistance level.

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