Easy Mcx Trading Tips For Commodity Market

Market Outlook

MCX Gold price showed strong bullish movement and test its strong resistance level of 32950 and if price trades above 33000 in upcoming trading session then this bullish momentum can take price up to next resistance level of 33200. MCX Crude oil showed downward side movement on Wednesday and test 3600 levels and if price sustains below 3550 in next session then again bearish trend will activate as well as price can moves down side towards next psychological support level of 3500. MCX Cooper also continues with bearish trend and we will again keep bearish overview for upcoming session, if price sustains below 400 levels.

Fundamental News

Gold prices rose 1% to a more than three-month high on Wednesday as trade tensions induced safe-haven demand and increased bets on a cut in interest rates by the U.S. Federal Reserve.

Oil prices resumed their slide on Wednesday, dragged down after an unexpected gain in U.S. inventories, but with losses capped by a recovery in global equities on hopes of a rate cut from the Federal Reserve.

Gold showed sideways to bullish movement and found the major resistance level of 32950. Now if price sustains on higher level then it will test next resistance level of 33100. On other side 32600 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 37500. Now if price sustains on higher level then it will test next resistance level of 37850. On other side 36800 will be major support level.

Crude oil showed sideways to bearish movement and found the major support level of 3500. Now if price sustains on lower level then it will test next support level of 3420. On other side 3700 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 402. Now if price sustains on lower level then it will test next support level of 398. On other side 411 will be major resistance level.

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