Morning Bulletins of MCX Trading by Experts

Market Outlook

MCX Gold price fluctuates within tight track since morning and still within the intraday bullish channel, continues to press negatively on the price, to keep our bullish overview that its first target located at 30750. Oil price trades positively since morning to approach our first waited target at 4990, to continue suggesting the bullish trend for the rest of the day. MCX Copper price kept its consolidation within the bearish channel, confirming the preparation to record new negative targets in the near term period, expecting to move towards 416 barrier.

Fundamental News

 On Monday old prices were flat amid expectations of a Federal Reserve rate hike and trade war tensions lowered investor sentiment.

On Monday Crude Oil prices rose as United State drilling stalled and as investor’s anticipated lower supply once new U.S. assents against Iran’s crude exports kick in from November.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 30710. Now if price sustains on higher level then it will test next resistance level of 30778. On other side 30495 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 37527. Now if price sustains on higher level then it will test next resistance level of 37650. On other side 37163 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4970. Now if price sustains on higher level then it will test next resistance level of 5018. On other side 4894 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 427.50. Now if price sustains on higher level then it will test next resistance level of 429.40. On other side 421.80 will be major support level.

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