Intraday Levels and Calls For Mcx Market | Commodity Tips

 

Market Outlook

MCX Gold continued the sell offs in early part of the session as seen in the later half of previous session. However, it managed to take good support around 37500 levels and recovered from the point. Now, again it may resist in the range of 37800-38000 whereas any closing below 37500 can drag the bullion towards deeper support levels. MCX Crude showed range bound session with less rapid moves. However, it managed to sustain above 4000 mark which is a signal that some momentum can be seen upside. MCX Copper is getting support since last two sessions near 444 and on higher side it needs to break 448 to show bullish moves.

Fundamental News

Gold steadied on Thursday after the previous session’s near 2% slide, with lower prices tempting some buyers back to the market as uncertainty over the U.S.-China trade war persisted, but a firmer dollar capping gains. Oil steadied on Thursday due to optimism that the United States and China could resolve their trade dispute, though prices came under pressure from Saudi Arabia’s moves to restore output quickly after attacks on its oil installations.

GOLD

Gold showed bearish movement and found the major support level of 37450. Now if price sustains on lower level then it will test next support level of 37300. On other side 38000 will be major resistance level.

SILVER

Silver showed bearish movement and found the major support level of 45970. Now if price sustains on lower level then it will test next support level of 45500. On other side 47000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and found the major support level of 3942. Now if price sustains on higher level then it will test next resistance level of 4100. On other side 3850 will be major support level.

COPPER

Copper showed bearish movement and found the major support level of 441. Now if price sustains on higher level then it will test next resistance level of 445. On other side 438 will be major support level.

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