Beneficial MCX Tips & Profitable Strategies

Market Outlook

MCX Gold showed sideways movement within specific range for most part of the session. It resisted near important resistance of 38000 and traded below it since last few sessions. Closing above 38000 can further result in up move whereas weakness can be seen below the immediate support of 37800. MCX Crude opened below the previous closeand 4300 acted as crucial point for the counter. If it sustains and close above it then it may show further highs whereas 4250 is seen as immediate support below 4300. MCX Copper traded below the previous close after a weak start for the session. 445 continued to be strong resistance on daily charts while 440 is seen as immediate support.

Fundamental News

Gold prices were largely subdued on Wednesday, with investors awaiting more details on U.S.-China trade deal, while palladium retreated from last session’s record peak.

Oil prices fell on Wednesday after U.S. industry data showed a surprise build in crude inventories, but expectations for firmer demand next year prevented a bigger fall in prices. The decline followed a gain of more than 1% in the previous session as the “phase one” U.S.-China trade deal announced last week eased pressure on the oil benchmarks.

GOLD

Gold showed bullish movement and major resistance around level of 37995. Now if price maintains on higher level then it will test next resistance level of 38200. On other side 37700 will be major support level.

SILVER

Silver showed bullish movement and major resistance around level of 44598. Now if price maintains on higher level then it will test next resistance level of 45000. On other side 44000 will be major support level.

CRUDE

Crude oil showed bullish movement and major resistance level of 4374. Now if price sustains on lower level then it will test next support level of 4250. On other side 4400 will be major resistance level.

COPPER

Copper showed bearish movement and found major support around level of 441. Now if price sustain on lower level then next support level will be 440. And 445 will be major resistance level.

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