MCX Future Market Updates | MCX Tips

Market Outlook:

Gold price settles near 1290.00 level after the bullish rally yesterday, which might force the price to provide some temporary sideways trading until getting enough positive momentum to push the trading to rise again. Crude oil price succeeded to achieve our first waited target at 3765 and closed the daily candlestick near it, reinforcing the expectations of achieving more of the gains on the intraday and short term basis, where the price moves within bullish channel that has targets extend to reach 3860. Copper price continues forming slow positive trading to approach from the initial barrier at 447.50, the continuation of the positive pressures will ease breaching this barrier, to begin recording more of the positive targets, to expect reaching 452.50 then 458.50 in the upcoming period.

Fundamental News:

Oil prices were a bit lower on Thursday, OPEC’s most powerful internal alliance, bringing together the oil producer group’s Gulf members, is disintegrating fast.

Gold prices drifted lower in holiday-thinned trade on Thursday, but losses were capped on speculation the Federal Reserve might not tighten U.S. policy as aggressively as previously thought.

Gold showed sideways to bullish movement and found the major resistance level of 29550. Now if price sustains on higher level then it will test next resistance level of 29680. On other side 29380 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39650. Now if price sustains on higher level then it will test next resistance level of 39950. On other side 39300 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3795. Now if price sustains on higher level then it will test next resistance level of 3821. On other side 3722 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 451. Now if price sustains on higher level then it will test next resistance level of 455. On other side 445 will be major support level.

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