Best MCX commodity Tips Provider 04Th -June-2018

 Market Outlook

MCX Gold price resumed its negative trading to approach our first main waited target at 1285.90, to keep the bearish trend valid efficiently in the upcoming sessions, oil price fell under strong negative pressure to reach the key support 4420, as breaking this level will cause extension to the correctional bearish wave to reach 4365 as a next station, MCX Copper price is paralyzed, to contradict its attempts to rally above the 460 level & positive stability. Trading range for today is between 460 and 454.50.

Fundamental News

Precious metal prices fell below $1,300 as an upbeat jobs report cemented investor expectations the Federal Reserve would hike rates at its meeting later this month, lessening demand for the gold.

Oil prices settled sharply lower on Friday, posting their second straight weekly loss amid signs of ongoing U.S. expansion and uncertainty over whether OPEC would ease production limits.

GOLD

Gold showed sideways to bearish movement and found the major support level of 30875. Now if price sustains on lower level then it will test next support level of 30785. On other side 31200 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 39482. Now if price sustains on lower level then it will test next support level of 39181. On other side 39801 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4417. Now if price sustains on lower level then it will test next support level of 4349. On other side 4532 will be major resistance level.

 

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 459.25. Now if price sustains on higher level then it will test next resistance level of 461.85. On other side 454.65 will be major support level.

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