Today’s Gold Market Trading Strategy

Market Outlook
MCX Gold price continues to provide the calm positive trades since morning, the chances of bouncing bearishly and resume the intraday bearish trend that targets 30950 level mainly. oil price shows some slight bearish bias to retest the previously breached resistance of the bullish channel continues to provide the positive support to the price, to continue suggesting the bullish trend in the upcoming sessions,There is no change for Copper price by forming repeated sideways trading.

Fundamental News

Bullions prices pulled away from two-week lows on Tuesday, but struggled to make headway as a stronger dollar continued to weigh on demand for gold.

Investors of oil looked ahead to fresh data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise, Crude prices continued higher on Tuesday.

Gold showed sideways to bulish movement and found the major resistance level of 31385. Now if price sustains on higher level then it will test next resistance level of 31564. On other side 31203 will be major support level.

Silver showed sideways to bulish movement and found the major resistance level of 39675. Now if price sustains on higher level then it will test next resistance level of 40156. On other side 39300 will be major support level.

Crude oil price opens positive shows some consolidation but overall remain bearish on charts. Now if it sustains on lower level than it can test support levels are 4520 and 4486. On the other side 4617 is resistance level. Copper showed sideways to bulish movement and found the major resistance level of 466.50. Now if price sustains on higher level then it will test next resistance level of 468. On other side 456.60 will be major support level.

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