Accurate MCX Tips |Commodity Report

Market Outlook

MCX Gold has formed a bearish candle on the daily chart after a spinning top candlestick pattern, which means a short term reversal is possible. On the lower end, support is visible at 40300/40200. On the higher end price has resistance at 40550/40620. MCX Crude has formed a bullish harami pattern on the daily chart, which is a bullish reversal pattern.On the lower end, price has support at 3550/3500 over the near term. On the higher end, resistance is visible at 3660/3700. MCX Copper has recovered after two consecutive days of correction. On the lower end, support is seen at 431-430; whereas on the higher end resistance seen at 437-440

Fundamental News

Gold prices fell on Tuesday in Asia ahead of testimony from Federal Reserve Chairman Jerome Powell.The yellow metal rose in the last four days as it drew support from concerns about the coronavirus epidemic as death toll crossed 1,000 lives in China.

 Oil prices rebounded from the lowest level in more than a year on Tuesday in Asia, but analysts said the recent coronavirus outbreak remained as a major headwind for the markets.

Gold showed bearish movement and major support around level of 40300. Now if price maintains on higher level then it will test next resistance level of 40700. On other side 40000 will be major support level.

Silver showed bearish movement and major support around level of 45621. Now if price maintains on higher level then it will test next resistance level of 46200. On other side 45000 will be major support level.

Crude oil showed bullish movement and major resistance level of 3614. Now if price sustains on lower level then it will test next support level of 3450. On other side 3650 will be major resistance level.

Copper showed bullish movement and found major resistance around level of 434.90. Now if price sustain on lower level then next support level will be 430. And 440 will be major resistance level.

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