Best Strategy For MCX Trading

  

Market Outlook

MCX Gold opened on lower levels and sustained below the previous closing for the entire session. If the bullion continues to trade below 38000 for upcoimg sessions then it may further drag towards the near support of 37700 whereas 38300 is still marked as key resistance. MCX Crude continued the weakness so seen in the last part of the previous but gained momentum in the later half and jumped higher to close above 4100 mark. Noow, 4200 is seen as key resistance for it. MCX Copper traded sideways where the metal is not able to give decisive positive breakout above 440 continuing the weak trend for it where 437 acted as strong support.

Fundamental News

Gold prices fell on Friday as risk appetite was whetted by comments from White House economic adviser Larry Kudlow that the United States is nearing an interim trade pact with China.

Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices. Both benchmarks posted their second straight weekly gain. Brent rose 1.3%, and WTI gained 0.8%.

Gold showed bearish movement from major support around level of 37921. Now if price sustains on lower level then it will test next support level of 37500. 38350 will be major resistance level.

Silver showed bearish movement and found support around level of 44061. Now if price sustains on lower level then it will test next support level of 43800. On other side 45000 will be major resistance level.

Crude oil showed bullish movement and found major resistance around level of 4149. Now if price sustains on higher level then it will test next resistance level of 4200. On other side 4050 will be major support level.

Copper showed bearish movement and found major support around level of 437. Now if price maintains on higher level then it will test resistance level of 442. On other side 434 will be major support level.

(Click to submit your details) Just one step to get the best trading tips and Recommendation

Leave a Comment

Your email address will not be published. Required fields are marked *