Safe MCX Trading, News and Updates

Market Outlook

Gold price begins today’s trading with calm bullish bias after retesting the previously breached resistance of the bullish flag pattern that appears on the chart, which supports the continuation of our bullish overview in the upcoming sessions, and we believe that the way is open to visit 1357.50 that represents our next main target. Crude oil price rallied upwards to end yesterday’s trading above the correctional bearish channel’s resistance that appears on the chart, the bullish trend will be expected in the upcoming sessions, Copper price did not move until this moment, fluctuating around 3.2000 level, the stability of the current support is breaching today, below the initial support 3.2000 will postpone the bullish attempts and push the price for some correctional bearish trades, expecting to move towards 3.0800 level.

Fundamental News

Gold prices edged higher on Tuesday, supported by a weaker U.S. dollar languishing near three-year lows after U.S. lawmakers reached a deal to end a government shutdown. The House of Representatives subsequently voted and passed the bill to reopen the government, which Trump then signed into law.

 

Crude prices pushed higher on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer.

Gold showed sideways to bullish movement and found the major resistance level of 30025. Now if price sustains on a higher level then it will test next resistance level of 30145. On another side, 29781 will be a major support level.

Silver showed sideways to bearish movement and found the major support level of 38573. Now if price sustains on a lower level then it will test next support level of 38402. On another side, 39086 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4130. Now if price sustains on higher level then it will test next resistance level of 4160. On other side 4050 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 437.35. Now if price sustains on lower level then it will test next support level of 435.40.On other side 445.00 will be major resistance level.

 

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