Daily Important Updates of Mcx Market

Market Outlook

MCX Gold price showed bearish movement and test its major support level of 34100 on Thursday and we will continue to suggest downward overview for next session, if price sustains below 34000 and higher side it has important resistance at 34400. MCX Crude oil price also fell from higher to lower side and for upcoming session again bearish trend will active towards next immediate support level of 4000 and if price sustains below this level then 3950 will be next support. MCX copper price took correction after bullish movement and also broke 415 levels. For upcoming trading session, if price breaks 410 then this bearish momentum can find next major support of 400.

Fundamental News

Gold prices fell on Thursday as hopes of a truce in the U.S.-China trade spat ahead of a weekend meeting at the G20 summit rekindled investors’ interest in riskier assets, weighing on safe-haven bullion. Oil slid below $66 a barrel on Thursday, pressured by concerns over whether the G20 summit will produce a breakthrough on trade and perceptions that supply is ample despite the prospect of continued OPEC curbs.

GOLD

Gold showed sideways to bearish movement and found the major support level of 34000. Now if price sustains on lower level then it will test next support level of 33850. On other side 34350 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 37400. Now if price sustains on lower level then it will test next support level of 37100. On other side 37800 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4050. Now if price sustains on lower level then it will test next support level of 3980. On other side 4150 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 411. Now if price sustains on lower level then it will test next support level of 406. On other side 418 will be major resistance level.

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