Metal Market Movement and MCX Tips

Market Outlook

MCX Gold took strong recovery from lower to higher side after sharp downfall and if price manages above 31750 in upcoming session then again bullish bias will active up to next resistance level of 32000. MCX Crude oil broke its major support of 4300 and showed strong bearish movement. For upcoming period we will continue to suggest downward trend towards next immediate support of 4150. MCX Copper price also continues with bearish trend and if price sustains below 410 in next session then 400 will act as a next important support level and higher side it has resistance at 420.

Fundamental News

Gold prices firmed on Thursday, supported by a slide in equity markets amid fresh trade tensions, but a strong dollar kept a lid on gains as investors flocked to the safe-haven U.S. currency.

Oil prices dropped on Thursday, extending falls from the previous session amid surging U.S. crude inventories as low refinery runs and ongoing trade tensions weighed on the demand outlook.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31800. Now if price sustains on higher level then it will test next resistance level of 31950. On other side 31200 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 36800. Now if price sustains on higher level then it will test next resistance level of 37100. On other side 36000 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4000. Now if price sustains on lower level then it will test next support level of 3900. On other side 4300 will be major resistance level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 416. Now if price sustains on higher level then it will test next resistance level of 420. On other side 410 will be major support level.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *