Mcx Trading Tips, Prices & News

Market Outlook

Precious metals are trading lower on COMEX today we expect price to trade range bound for the day as the possibility of rate hike in next week. In Base metal sector, apart from aluminum every metal is trading up nearly by 2%. Zinc settled down as investors prepared for possible shocks in Europe ahead of an Italian referendum and Australian election. Nickel gained as the Philippines mining minister indicated that he will announce more mine suspension this week. In Energy sector, oil prices were lower in early trade on profit taking after last week’s rally and as US rig count ticked higher yet again. On MCX we expect oil prices to trade higher for the day.

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Fundamental News

Gold prices fell on Monday as expectations for an upcoming interest rate increase in the U.S. overshadowed the fallout from Italians’ rejection of constitutional reform.

Hedge funds and money managers scaled back their bullish bets on U.S. crude oil in the days ahead of a landmark deal by the world’s top crude exporters to cut production and rein in a global glut,

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Gold showed bearish movement and found the important support level of 27770. Now if it will close below the important support level of 27750 then 27500 will act as next support level. On higher side 28200 will act as vital resistance level.

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Silver showed bearish movement and found the important support level of 40750. Now if it will close below the important support level of 40500 then 40000 will act as next support level. On higher side 41600 will act as vital resistance level.

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Crude showed bullish movement and found the important resistance of 3580. Now if it breaks 3580 then next resistance level is seen around 3650. On the other hand 3500 will act as a major support level; if it breaks the prices could visit 3450 level.

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Copper showed bullish movement and found the important resistance of 410. Now if it breaks 410 then next resistance level is seen around 416. On the other hand 400 will act as a major support level; if it breaks the prices could visit 395 level.

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