Best Strategy For MCX Trading | MCX Tips

Market Outlook

MCX Gold opened on a flat note and traded in green territory for the first half of the session but washed off all the gains in the evening session and finally settled on a flat note. It needs to break the immediate resistance of 37900 to move on higher levels whereas 37450 is seen as major support at current levels. MCX Crude opened on lower note and was trading on sluggish note but gained momentum in the later half to end on a positive note. Now, 4100 is seen as major resistance for the counter. MCX Copper started on a negative note and continued the weak sentiments for the netire session and closed near the important support of 440 and thereafter, 437 is seen as next support

Fundamental News

Gold prices fell to a fresh three-month low on Monday, failing to get meaningful support from a general risk-off move in other markets on a day when hopes of a trade truce between the U.S. and China faded.

Oil prices were down early on Monday, as global markets brace for protracted talks in the U.S.-China trade war after optimism about an imminent rollback of tariffs faded. Over the weekend, U.S. President Donald Trump appeared to dismiss reports of the imminent lifting of tariffs and breakthrough in talks.

Gold showed bearish movement from major resistance around level of 37510. Now if price sustains on lower level then it will test next support level of 37400. 38000 will be major resistance level.

Silver showed bearish movement and found support around level of 43606. Now if price sustains on lower level then it will test next support level of 43000. On other side 45000 will be major resistance level.

Crude oil showed bullish movement and found major resistance around level of 4099. Now if price sustains on higher level then it will test next resistance level of 4150. On other side 3950 will be major support level.

Copper showed bearish movement and found major support around level of 440.10. Now if price maintains on higher level then it will test resistance level of 446. On other side 440 will be major support level.

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