Todays MCX Trading News & Strategies

Market Outlook
Gold price tested 1335.40 level on yesterday’s evening and bounced downwards strongly which supports the continuation of our bearish overview on the intraday basis, the bearish trend will remain suggested in the upcoming sessions. Crude oil price managed to close yesterday’s trading below 61.40 level after the positive attemptstrading range for today is between 59.50 support and 62.00 resistance. The sideways bias domination continues on Copper price trading until this moment, in spite of its stability within the bullish channel levels. We will keep waiting for gathering new positive momentum that allows it to resume the bullish attack, to achieve several targets that begin at 3.3200. Expected trend for today: fluctuated within the bullish range.

Fundamental News
Gold prices fell to one-and-a-half week lows on Thursday, after the minutes of the Federal Reserve’s latest policy minutes pointed to the need for further interest rate hikes, sending the U.S. dollar higher.

Crude oil prices moved lower on Thursday, despite upbeat U.S. inventories data released in the previous session, as the minutes of the Federal Reserve’s latest policy meeting sent the U.S. dollar broadly higher.

Gold showed sideways to bullish movement and found the major resistance level of 30800. Now if price sustains on higher level then it will test next resistance level of 30950. On other side 30290 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 38870. Now if price sustains on higher level then it will test next resistance level of 39200. On other side 38087 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4140. Now if price sustains on higher level then it will test next resistance level of 4197. On other side 3974 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 468. Now if price sustains on higher level then it will test next resistance level of 472. On other side 453 will be major support level.

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