Commodity Trading Tips For MCX Market

 Market Outlook

MCX Gold price hovers around the EMA50 that continues to form the negative pressure against the price, to keep the chances valid to resume the main bearish trend, oil price keeps declining strongly, as it begins today with more bearish bias to attack 5360 level, to move below it now, paving the way to extend the correctional bearish wave, waiting to visit 5220 level as a next main station. MCX Copper price succeeded to gain the negative momentum yesterday, to notice resuming the negative attack by reaching 454, We prefer the negative attempts that target 446 reaching to 439 level in the upcoming period.

Fundamental News

On Wednesday Gold resumed its recovery from this week’s early tumble amid ramping demand for safe havens as U.S. Treasury yields rebounded and the IMF warned of slowing global growth.

Crude Oil prices dipped on Thursday following a rout in global stock markets. Data from the American Petroleum Institute (API) was in focus as it showed U.S. crude inventories jumped more than expected last week.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31981. Now if price sustains on higher level then it will test next resistance level of 32175. On other side 31431 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 39040. Now if price sustains on higher level then it will test next resistance level of 39360. On other side 38415 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 5261. Now if price sustains on lower level then it will test next support level of 5198. On other side 5401 will be major resistance level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 461.50. Now if price sustains on higher level then it will test next resistance level of 464.40. On other side 447.50 will be major support level.

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