Latest Strategy of Mcx Market Output

Market Outlook

Mcx Gold price shows more sideways trading to settle around the 30600 level, we will keep our bullish overview for the upcoming period as long as the price is above 30550, oil price provides positive trading now after building good support base above 5120 barrel, reinforcing the expectations of continuing the bullish trend on the intraday and short term basis. Mcx Copper price ended its last negative attack by reaching 432 level, to start forming some positive rebounds due to lacking the negative momentum.

Fundamental News

On Monday gold prices gained on a softer dollar and threat of a full-blown trade war after US tariffs on $34 billion worth of Chinese goods took effect on Friday, while China’s commerce ministry retaliated with 25% tariffs on $34 billion worth of US imports. On Monday crude oil prices rose fter data last week showed U.S. crude inventories fell to their lowest in three years. Trade dispute between the U.S. and China remained in focus.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 30778. Now if price sustains on higher level then it will test next resistance level of 30885. On other side 30564 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 40170. Now if price sustains on higher level then it will test next resistance level of 40714. On other side 39855 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 5014. Now if price sustains on lower level then it will test next support level of 4917. On other side 5098 will be major resistance level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 439. Now if price sustains on higher level then it will test next resistance level of 441.15. On other side 434.15 will be major support level.

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