MCX Gold price provided positive trading in the previous sessions to settle above 31000, these factors encourage us to continue suggesting the bearish trend that depends on holding below 31500, oil price managed to end yesterday’s trading above 4900, reinforcing the expectations of continuing the bullish trend on the intraday and short term basis, MCX copper price showed its affection by the bullish bias domination by its repeated fluctuation above the bullish channel’s support at 461, we will keep waiting for gathering new positive momentum that allows it to form a strong bullish rally.
Yellow metal prices were little changed in early dealings on Tuesday, hovering not far off a 2018 low struck in the previous session, as improved appetite for riskier assets sapped demand for the Gold. Crude Oil prices edged higher on Tuesday, staying near their strongest levels in three-and-a-half-years as investors fretted over the future output from Venezuela and Iran.
Gold showed sideways to bullish movement and found the major resistance level of 31160. Now if price sustains on higher level then it will test next resistance level of 31300. On other side 30990 will be major support level.
Silver showed sideways to bullish movement and found the major resistance level of 40740. Now if price sustains on higher level then it will test next resistance level of 41000. On other side 40223 will be major support level.
Crude oil showed sideways to bearish movement and found the major support level of 4914. Now if price sustains on lower level then it will test next support level of 4880. On other side 4977 will be major resistance level.
Copper showed in bullish trend and it will found new resistance level of 474.50. Now if it will close above the important resistance level of 474.50 then 476.50 will act as next resistance level. On the other hand 465.65 is strong support level.
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