Daily Commodity MCX Tips And Strategies

Market Outlook

MCX Gold opened on a flat note than previous session but it bounced after it surpassed the important resistance of 38300. If the bullion managed to sustain above 38000 then next resistance so seen ahead is of 38400 whereas 37700 will now become the major support for it. MCX Crude opened higher than previous close and rebounded from deeper supports. Now, on higher levels, 4100 is seen as strong resistance whereas 3950 may act as strong support from current levels. MCX Copper found support at lower levels and recovered from the support levels of 430. Further strengtheneing may provide the trade on higher levels of 435-437. On lower side, 428 is seen as important support.

Fundamental News

U.S. President Donald Trump said on Wednesday that trade talks with China were going “very well,” sounding more positive than on Tuesday when he said a trade deal might have to wait until after the 2020 U.S. presidential election.

Investor attention has switched to meetings of the Organization of the Petroleum Exporting Countries (OPEC) and allies that start later on Thursday, and the possibility of more production cuts.

GOLD

Gold showed bearish movement and major support around level of 38000. Now if price sustains on higher level then it will test next resistance level of 38500. On other side 37500 will be major support level.

SILVER

Silver showed bearish movement and major support around level of 44300. Now if price sustains on higher level then it will test next resistance level of 45000. On other side 44000 will be major support level.

CRUDE

Crude oil showed bullish movement and major resistance level of 4185. Now if price sustains on lower level then it will test next support level of 4100. On other side 4250 will be major resistance level.

COPPER

Copper showed bullish movement and found major resistance around level of 432.50. Now if price sustain on lower level then next support level will be 428. And 435 will be major resistance level.

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