Daily Commodity Trading Tips

Market Outlook

MCX Gold closed on bullish note in the previous session which was continued towards the near resisatnce of 38800. If the positive momentum continued then it may head towards the next resistance of 39000 while 38500 is seen as strong support from current levels. MCX Crude showed some sideways moves but with positive bias. Strength will happen to continue till it sustains above 4400 mark and next resistance is seen near 4450. Strong support is marked near 4300. MCX Copper is witnessing sideways trend since last few sessions. Major bulls can be seen above 448 whereas 442 is seen as near support sustaining below which can drag it to deeper support levels.



Fundamental News

Oil rose further above $67 a barrel to its highest in over three months on Thursday, buoyed by a report showing lower U.S. crude inventories, by hopes of an end to the China-U.S. trade dispute and OPEC-led efforts to constrain supply.

Gold prices rose above the key $1,500 mark to a near two-month peak on Thursday, as uncertainty around the signing of the ‘phase one’ trade deal between the United States and China boosted safe-haven flows into the metal.

Gold showed bullish movement and major resistance around level of 38948. Now if price maintains on higher level then it will test next resistance level of 39300. On other side 38500 will be major support level.

Silver showed bullish movement and major resistance around level of 47250. Now if price maintains on higher level then it will test next resistance level of 48000. On other side 46000 will be major support level.

Crude oil showed bullish movement and major resistance level of 4407. Now if price sustains on lower level then it will test next support level of 4350. On other side 4450 will be major resistance level.

Copper showed bearish movement and found major support around level of 444. Now if price sustain on lower level then next support level will be 440. And 448 will be major resistance level.

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