Learn Online Trading with Mcx Market Strategy

Market Outlook

MCX Gold price’s recent decline, noticing that the price steps above 31500 level again, which supports the continuation of our bullish overview in the upcoming period, which its next target located at 31900. Oil price confirmed breaching 3200 level and settles above 3300 barrier now, which leads the price to achieve more expected gains in the upcoming period, MCX Copper price kept the bullish correctional track in the last period, affected by the stability of the support at 400, rallied to the expected initial target at 414, trading range for today is between 406 and 414.

Fundamental News

On Monday in Asia Gold prices advanced as the U.S. dollar slipped ahead of Wednesday’s minutes of the Federal Reserve’s December meeting and a speech by Jerome Powell Fed Chairman a day later, although an improved risk appetite limited gains for the safe-haven metal. On Monday Crude Oil prices gained following reports that President of U.S.is likely to hold talks with Wang Qishan, China’s vice president, at the World Economic Forum later this month in Davos.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31880. Now if price sustains on higher level then it will test next resistance level of 32000. On other side 31440 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 39600. Now if price sustains on higher level then it will test next resistance level of 39900. On other side 39121 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 3485. Now if price sustains on higher level then it will test next resistance level of 3550. On other side 3370 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 412. Now if price sustains on higher level then it will test next resistance level of 418.50. On other side 406.65 will be major support level.

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