Accurate Result of MCX Trading by Experts 02-July

Market Outlook

MCX Gold price fluctuates around 30400 level, which supports the continuation of the bearish trend expectations on the intraday and short term basis, which depend on holding below 30550 level, Oil price tested 5020 level and kept its stability above it, to keep the bullish trend scenario valid for the rest of the day. MCX Copper price forced to provide some intraday sideways trading, to repeat the attempts of recording new negative targets that begin at 445 reaching to 438 in the upcoming period.

Fundamental News

 Prompted traders to cut their bullish bets on gold, gold prices were on track to post their biggest monthly slump since September as a strong uptick in the dollar this month.

Crude oil prices settled nearly 1% higher Friday as signs of a slowdown in U.S. output, and continued supply outages, prompted traders to increase their bullish bets on oil.

GOLD

Gold showed sideways to bearish movement and found the major support level of 30356. Now if price sustains on lower level then it will test next support level of 30185. On other side 30505 will be major resistance level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 39335. Now if price sustains on higher level then it will test next resistance level of 39592. On other side 38970 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 5109. Now if price sustains on higher level then it will test next resistance level of 5170. On other side 5010 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 445.50. Now if price sustains on lower level then it will test next support level of 442.30. On other side 457.40 will be major resistance level.

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