MCX Trading Strategies and Market Updates | 25-March

Market Outlook

MCX Gold took strong recovery from lower levels as well as broke strong resistance of 32000 and if price manages on higher levels in upcoming sessions then bullish scenario will remain active up to next immediate resistance of 32300. MCX Crude oil again slips from higher levels and settles down lower side on Friday, right now bearish trend will resumes and we expect more downfall below 4050 levels and after that it can find next correctional level of 4000 in intraday basis. MCX Copper also showed strong bearish movement and broke its immediate support of 440 and if price trades below 435 in upcoming period then it may test 430 levels as well as downward bias will remain active.

Fundamental News

Gold rose on Friday as weak economic data from the euro zone exacerbated fears of a global slowdown, weighing on risk sentiment and putting bullion on track for its best week in nearly two months.

Prices of oil fell about 2 percent on Friday, slipping further from 2019 highs as focus shifted to a lack of progress in U.S.-China trade talks and as grim manufacturing data from Germany and the U.S. reignited fears of a slowdown in the global economy and oil demand.

Gold showed sideways to bullish movement and found the major resistance level of 32200. Now if price sustains on higher level then it will test next resistance level of 32350. On other side 31600 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 38550. Now if price sustains on higher level then it will test next resistance level of 38850. On other side 38150 will be major support level.

Crude oil showed sideways to bearish movement and found the major support level of 4050. Now if price sustains on lower level then it will test next support level of 3980. On other side 4150 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 436. Now if price sustains on lower level then it will test next support level of 431. On other side 445 will be major resistance level.

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