Daily MCX Commodity Market News & Levels

 Market Outlook

MCX Gold price shows negative trades on its way for a potential test to the key support 31350, making the bearish bias suggested for today after the price found difficulty to surpass 32100 barrier in the previous sessions, Oil price settles below 5320 level, and the EMA50 forms continuous negative pressure against the price, while stochastic reaches the overbought areas now. MCX Copper price continued to provide weak sideways trading to repeat the fluctuation within the bullish channel between 451 initial support and 462 resistance.

Fundamental News

On Tuesday Gold futures settled up on Tuesday, hitting 3-month highs for a second day in a row as a sea of global troubles kept safe-haven demand churning.

Crude Oil prices rebounded on Tuesday on evidence of falling Iranian exports, but gains were limited by fears of another outsize U.S. crude build in weekly storage data.

Gold showed sideways to bearish movement and found the major support level of 31781. Now if price sustains on lower level then it will test next support level of 31531. On other side 32020 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38741. Now if price sustains on lower level then it will test next support level of 38415. On other side 39109 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 5118. Now if price sustains on lower level then it will test next support level of 5050. On other side 5310 will be major resistance level.Copper showed sideways to bearish movement and found the major support level of 449.35. Now if price sustains on lower level then it will test next support level of 447.50. On other side 457.10 will be major resistance level.    (Click to submit your details) Just one step to get best trading tips and Recommendation

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