Daily Beneficial Mcx Tips For Commodity Market

Market Outlook  

MCX Gold price took some correction from higher to lower side after bullish movement and if price sustains below 32850 in upcoming session then this momentum can take price toward next support level of 32650 as well as bearish bias will active. MCX Crude oil was quite bearish on Monday and it may still continue with bearish bias, if price trades below 3600 in upcoming trading session and higher side it has immediate resistance at 3700. MCX Copper also showed bearish movement but not cross 405. For upcoming period if price breaches 405 then again we will keep downward scenario towards next important support level i.e.400 levels.

Fundamental News

Gold prices eased on Monday, after retreating from a 14-month peak hit in the previous session, as the dollar held near multi-week highs on strong U.S. retail sales data, ahead of the U.S. Federal Reserve meeting this week.

Oil prices slipped on Monday as signs of an economic slowdown amid international trade disputes began to outweigh supply fears that were stoked by attacks on oil tankers in the Gulf of Oman last week and sent prices higher.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 33150. Now if price sustains on higher level then it will test next resistance level of 33300. On other side 32850 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 37300. Now if price sustains on higher level then it will test next resistance level of 37600. On other side 36900 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 3600. Now if price sustains on lower level then it will test next support level of 3520. On other side 3700 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 405. Now if price sustains on lower level then it will test next support level of 400. On other side 411 will be major resistance level.

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

Leave a Comment

Your email address will not be published.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