Daily MCX Tips and Advice for New Traders 22th July

Market Outlook

MCX Gold price took sharp correction from higher to lower side after bullish movement. For upcoming session we expect more downside movement, if price sustains below 35000. MCX Crude oil also showed bearish movement on Friday and there will be more chances of downward movement in upcoming period, if price sustains below 3800 and below this level 37500 will act as a next crucial support level. MCX Copper showed strong bullish movement and broke its major resistance level of 450 and we will continue to suggesting upward trend up to next resistance level of 460 and lower side it has immediate support at 445.

Fundamental News

Gold fell over 1% on Friday as the dollar firmed and investors took profits after prices briefly surpassed $1,450 to hit a six-year peak on dovish signals from the U.S. Federal Reserve and is still on course for a second week of gains.

Oil prices rose about 1 percent on Friday after steep losses a day earlier, supported by rising tensions between the United States and Iran, even as concerns that slowing economic growth could dent global oil demand cast a cloud.

Gold showed sideways to bearish movement and found the major support level of 34950. Now if price sustains on lower level then it will test next support level of 34800. On other side 35450 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 40400. Now if price sustains on lower level then it will test next support level of 40100. On other side 41700 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 3780. Now if price sustains on lower level then it will test next support level of 3700. On other side 3900 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 462. Now if price sustains on higher level then it will test next resistance level of 466. On other side 448 will be major support level.

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