Graphical Trends of Beneficial Mcx Market

Market Outlook

MCX Gold price fluctuates around the level 30600 that forms negative obstacle against the price attempts to rise, As long as the price is below 30750, our bearish overview will remain active. Oil price fluctuates within sideways track since yesterday, moving around 5100 level now. MCX Copper price trades extended bearishly to touch 440 level that formed the first main target to press on 38.2% Fibonacci correction level, while the price might be forced to show some sideways trading until breaking this level.

Fundamental News

As traders waited minutes from the U.S. Federal Reserve’s June policy meeting later in the day, yellow metal prices held steady on Thursday. Crude oil prices fell on Thursday after Donald Trump urged the world’s major oil producing countries to do more to stabilize oil markets.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 30720. Now if price sustains on higher level then it will test next resistance level of 30885. On other side 30545 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 40000. Now if price sustains on higher level then it will test next resistance level of 40332. On other side 39677 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 5026. Now if price sustains on lower level then it will test next support level of 4995. On other side 5158 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 432.20. Now if price sustains on lower level then it will test next support level of 428.60. On other side 441.50 will be major resistance level.

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