Beneficial Trading Tips for MCX Market

Market Outlook

MCX Gold price the negative pressure that comes from to support the expectations for the bearish trend continuation on the intraday and short term basis, Oil price traded negatively yesterday to move below the intraday bullish channel’s support,  these factors encourage us to keep preferring the overall bullish trend in the upcoming period, the price needs to breach 4977 level. MCX Copper price leans strongly on 50% Fibonacci correction level recently, to reinforce the continuation of the expected positivity, while the current support line is located at 462.50.

Fundamental News

Yellow metal prices were on the back foot in early dealings on Wednesday, hovering near the lowest levels of the year as investors waited for minutes from the Federal Reserve’s meeting for clues on the outlook for U.S. interest rates. Crude oil prices edged lower on Wednesday, pulling back from their strongest levels in three-and-a-half-years as investors looked ahead to fresh weekly data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31389. Now if price sustains on higher level then it will test next resistance level of 31516. On other side 31095 will be major support level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 40180. Now if price sustains on lower level then it will test next support level of 40050. On other side 40689 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4885. Now if price sustains on lower level then it will test next support level of 4852. On other side 4947 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 462.80. Now if price sustains on lower level then it will test next support level of 460. On other side 472.20 will be major resistance level.

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