MCX Market Update and Online MCX Tips

Market Outlook

Gold price succeeded to confirm breaking 1335.40 level after closing last Friday’s trading below it, which reinforces the expectations of continuing the bullish trend on the intraday basis, and the way is open to head towards 1338 that represents our next main target. Crude oil price failed to hold for long time above the bullish channel’s support, to provide strong negative trades in the last sessions, we will get through breaching 65.95 resistance, while breaching the resistance will push the price back to the main bullish track that its targets begin by surpassing 66.70 and extend to 69.00.Copper price failed to provide any new positive rally, to fall under the effect of the sideways bias again due to the lack of the bullish momentum until this moment, trading range for today is between 3.0800 and 3.3000.It will be Fluctuated within the bullish range.

Fundamental News

Gold prices edged lower to start the week on Monday, as investors reacted to data from the U.S. Labor Department showing wages last month recorded their largest annual gain in more than 8-1/2 years.

 

Crude prices started the week in negative territory on Monday, as traders weighed a steady increase in U.S. output against OPEC’s ongoing efforts to drain the market of excess supplies.

Gold showed sideways to bullish movement and found the major resistance level of 30474. Now if price sustains on higher level then it will test next resistance level of 30741. On other side 30170 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39450. Now if price sustains on higher level then it will test next resistance level of 39615. On other side 38402 will be major support level.

Crude oil showed sideways to bearish movement and found the major support level of 4197. Now if price sustains on lower level then it will test next support level of 4248. On other side 4120 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 450. Now if price sustains on lower level then it will test next support level of 445. On other side 463 will be major resistance level.

 

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