Pick Profitable Trading Tips of MCX Market

Market Outlook

MCX Gold price crawls downwards gradually to move away from 31500 level, which supports the continuation of our bearish overview for the rest of the day, oil price shows calm trading since morning, settling near the bullish flag resistance located at 4795, breaching this level will motivate the price to continue the main bullish trend. MCX Copper price returned to provide slow sideways trading, the bullish scenario depends on the strength of the current support, to keep preferring the bullish attempts that target 472 level as an initial positive station.

Fundamental News

Precious metal prices fell to one week lows on Tuesday as rising U.S. Treasury yields dampened investor demand for the gold. A rise above the high of 3.035% reached on April 25 would take it to its highest since early 2014. Crude Oil prices remained on the front foot on Tuesday, with Brent prices extending gains to hit another 2014 high, as looming U.S. sanctions against Iran continued to provide support.

GOLD

Gold showed sideways to bearish movement and found the major support level of 31161. Now if price sustains on lower level then it will test next support level of 31078. On other side 31516 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 39830. Now if price sustains on lower level then it will test next support level of 39700. On other side 40219 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4889. Now if price sustains on higher level then it will test next resistance level of 4935. On other side 4782 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 460.10. Now if price sustains on lower level then it will test next support level of 456.35. On other side 467.80 will be major resistance level.

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