Best Strategy For Commodity Trading

Market Outlook

MCX Gold opened on higher note as compared to previous close and moved towards higher levels on back of strong dollar. On lower side, 37450 acted as strong support whereas 37900 may hinder it to move towards 38000 mark. MCX Crude dragged in the later half of the previous session as it resisted strongly near 4200. If it surpasses the 4100 mark then it may further slip towards next support range of 4050-4020 whereas 4200 might continue to act as strong resistance. MCX Copper showed weak trend in the later half of previous session which it continued on early session and moved towards support of 434. Now, 438 is seen as key resistance for the metal while 431 as support.

Fundamental News

Gold prices rose on Thursday as investors bought the safe-haven metal on doubts about whether the United States and China will seal a trade deal after President Donald Trump signed a legislation supporting Hong Kong protesters.

Oil prices fell for a second day on Thursday after official data showed U.S. crude and gasoline stocks rose and President Donald Trump signed into law a bill backing protesters in Hong Kong, fuelling tensions with China.

Gold showed bullish movement and major support around level of 37500. Now if price sustains on lower level then it will test next support level of 37300. 38000 will be major resistance level.

Silver showed bullish movement and major support around level of 43900. Now if price sustains on lower level then it will test next support level of 43600. On other side 45000 will be major resistance level.

Crude oil showed sideways movement and major support level of 4100. Now if price sustains on lower level then it will test next support level of 4000. On other side 4225 will be major resistance level.

Copper showed bearish movement and found major resistance around level of 437. Now if price sustain on lower level then support level will be 432. And 430 will be major support level.

     

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