Today’s Copper Market Movement and MCX Tips

Market Outlook

Gold price settles at the key support 1240.85 after attempting to break it yesterday, keeps pushing negatively on the price.these factors encourage us to continue suggesting the bearish trend in the upcoming sessions. Crude oil price retested the previously breached resistance of the bearish channel that appears on the chart and kept its stability above it, these factors encourage us to continue suggesting the overall bullish trend in the upcoming period. Waiting to breach 3815 level to confirm opening the way to head towards 3860 followed by 3910 levels, Copper price did not show any change until this moment by consolidating below 439 barriers, to continue blocking the bullish release, we continue to remind you that the continuous negative pressures, trading range for today are between 432 and 440.

Fundamental News

Gold prices inched higher in early dealings on Wednesday but stayed near their lowest level in five months as investors awaited the conclusion of the Federal Reserve’s meeting, at which it is widely expected to raise interest rates by a quarter point.

 

Crude oil prices rebounded in Asia on Wednesday after industry estimates of inventories came in more bullish than expected and the investors looked for more tightness in global trade.

Gold showed sideways to bullish movement and found the major resistance level of 28280. Now if price sustains on a higher level then it will test next resistance level of 28430. On another side, 28080 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 37080. Now if price sustains on a higher level then it will test next resistance level of 37430. On another side, 36600 will be a major support level.

Crude oil showed sideways to bearish movement and found the major support level of 3635. Now if price sustains on a lower level then it will test next support level of 3605. On another side, 3735 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 436. Now if price sustains on a higher level then it will test next resistance level of 440. On another side, 431 will be a major support level.

 

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