Advance MCX Trading TIPS AND Strategies 11th Feb.

Market Outlook

MCX Gold showed bearish movement and test 33000 levels but after that it took good recovery from lower levels and showed upward side movement. For next trading session we will continue to suggest bullish trend up to next resistance level of 33400. MCX Crude oil was quite volatile but it may continue with its bearish scenario in next session and price may test next major support of 3600. MCX copper took sharp correction from higher levels and comes down side and able to close around its immediate support of 440 and next week may be it breaks this level and trades on lower side towards next support level of 435.


´╗┐Fundamental News

On Friday in Asia Gold prices slipped despite renewed China-U.S. tensions. A stronger U.S. dollar was being cited as a headwind for the precious metal.

Crude oil price edged higher on Friday but ended the week with a loss on renewed concerns about slowing global demand and after the dollar posted its best week in six months.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 33285. Now if price sustains on higher level then it will test next resistance level of 33400. On other side 33011 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 40261. Now if price sustains on higher level then it will test next resistance level of 40550. On other side 39725 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 3785. Now if price sustains on higher level then it will test next resistance level of 3879. On other side 3714 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 442. Now if price sustains on lower level then it will test next support level of 439. On other side 447 will be major resistance level.

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