Daily beneficial Forecast of Mcx Market

Market Outlook

Mcx Gold price returns to fluctuate around the 30650 level after the rise that it witnessed yesterday, as it 30650 level kept its stability against the price’s recent positive attempts, to keep the bearish trend scenario valid on the intraday and short term basis, oil price returns to fluctuate around 5110 level after testing 5020 level yesterday, which showed stability against the price’s last decline, which supports the continuation of our bullish overview efficiently in the upcoming sessions,Mcx copper price tart forming some positive rebounds due to lacking the negative momentum.

Fundamental News

Precious metal prices started the week off on the right foot, heading further away from seven-month lows seen last week, as easing worries over inflationary pressure supported the gold. Crude oil prices rose on Tuesday as hundreds of oil workers in Norway were set to strike later in the day, raising concerns of potential supply shortages.

GOLD

Gold showed sideways to bearish movement and found the major support level of 30404. Now if price sustains on lower level then it will test next support level of 30270. On other side 30655 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 39518. Now if price sustains on lower level then it will test next support level of 39269. On other side 39987 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 5132. Now if price sustains on higher level then it will test next resistance level of 5158. On other side 5060 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 431.10. Now if price sustains on lower level then it will test next support level of 427.25. On other side 438.70 will be major resistance level.

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