Online Mcx Trading Tips| MCX Strategies

Market Outlook

Gold prices extended gain for the fourth consecutive day to touch Rs 44503. Investors seek refuge in the yellow metal on worries of coronavirus spreading across the globe and its impact on the economy.Crude Oil slid as worries about demand for fuel being sapped by the global coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices.Copper trade in range bound and settled with bullishly bias. One can expect upside movement if it crosses immediate resistance mark of 432 and immediate support mark is 427.

Fundamental News

Oil prices climbed higher on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market.

Gold prices dropped on Thursday in Asia as risk-appetite returned amid reports that the International Monetary Fund (IMF) announced a $50 billion aid package to ease the impact on global economies caused by the coronavirus outbreak

 

GOLD

Gold showed bullish movement, found major resistance around level of 44225. Now if price maintains on higher level then it will test next resistance level of 44800. On other side 43500 will be major support level.

SILVER

Silver showed bullish movement and major resistance around level of 47150. Now if price sustains below 47500 levels then it will test support level of 48000. On other side 46500 will be major resistance level.

CRUDE

Crude oil showed bearish movement and major support level of 3412. Now if price sustains on lower level then next support level is 3300. On other side 3600 will be major resistance level.

COPPER

Copper showed bearish movement and found major support around level of 427.20. Now if price sustain on lower level then next support level will be 425. And 435 will be major resistance level.

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