Big Profit in Commodity Market | MCX Tips

Market Outlook

Copper showed sideways to bearish movement and found the major support level of 416. Now if price sustains on lower level then it will test next support level of 410. On other side 425 will be major resistance level. MCX Gold price is forced to rebound after testing 31100 barrier, we believe that the chances are available for bouncing higher and resuming the bullish trend on the intraday basis, Oil price trading is confined within a minor bullish channel that we believe it forms a bearish flag pattern, therefore, the price needs to break 3360 to get a negative motive that supports the expectations for the continuation of the main bearish trend, MCX Copper price confirmed moving to the negative track by providing new negative close below the broken support, to form new resistance at 424, we will continue to suggest the negative attempts until surpassing 416 level.

Fundamental News

On Thursday in Asia Gold prices fell while the U.S. dollar also slipped after the U.S. Federal Reserve raised rates as expected.

Crude Oil prices were mixed on Thursday morning in Asia, while oil production cartel OPEC and its allies pledged to keep slashing output next year.

Gold showed sideways to bullish movement and found the major resistance level of 31265. Now if price maintains on higher level then it will test next resistance level of 31400. On other side 31000 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 37655. Now if price maintains on higher level then it will test next resistance level of 37950. On other side 37100 will be major support level.

Crude oil showed sideways to bearish movement and found the major support level of 3210. Now if price sustains on lower level then it will test next support level of 3160. On other side 3300 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 416. Now if price sustains on lower level then it will test next support level of 410. On other side 425 will be major resistance level.

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