Positional Strategies in MCX Trading Market

Market Outlook

Gold prices were lower on Tuesday, edging down for the second straight session as investor sentiment remained skewed toward riskier assets in the wake of the French election results on Sunday. The yellow metal lost $11.60 on Monday after hitting its lowest since April 11 at $1,266.00, as investor’s dumped safe-haven assets after French election results eased fears over the future of the euro zone. Oil prices were higher on Tuesday, rising for the first time in seven sessions as investors returned to the market to seek cheap valuations after futures fell to the lowest level in four weeks amid signs of further gains in U.S. crude output.

Fundamental News
Gold suffered its biggest decline in over a month, falling more than 1%, after polls indicated Mr. Macron would emerge victorious against anti-EU candidate Marine Le Pen in the run-off vote, scheduled for May 7.
U.S. drillers last week added rigs for the 14th week in a row, data from energy Services Company Baker Hughes showed on Friday, extending a 10-month drilling recovery. That brought the total count to 688, the most since September 2015.

Gold showed bearish movement and found the important support level of 28765. Now if it will close below the important support level of 28750 then 28500 will act as next support level. On the other hand 29500 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 40338. Now if it will close below the important support level of 40300 then 39700 will act as next support level. On the other hand 41300 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 3154. Now if it will close below the important support level of 3150 then 3100 will act as next support level. On the other hand 3250 will act as a major resistance level.

Copper showed bullish movement and found the important resistance level of 367.30. Now if it will close above the important resistance level of 370 then 380 will act as next resistance level. On the other hand 355 will act as a major support level.

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