Daily Prediction of MCX Market With Graphs

Market Outlook

MCX Gold price keeps its stability below the 31200 level, to keep the bearish trend scenario active for today, which depends on the price stability below 31200, oil price shows sideways and tight trades since morning to keep its stability below 4580 level, which keeps the bearish trend scenario valid as it is without any change for today, MCX Copper price repeated the sideways trading to cross their support level and assuring the importance of this support line stability & breaching that targets 449.50 as a negative station.

 

Fundamental News

According todata from the Commodity Futures Trading Commission on Friday, Rising geopolitical uncertainty, however, has not passed to stop money managers from trimming their bets on gold for a second-straight week. One day later reports come out than usual because of the federal Memorial Day holiday on Monday; Oil prices were little changed in early action on Wednesday.

GOLD

Gold showed sideways to bearish movement and found the major support level of 30926. Now if price sustains on lower level then it will test next support level of 30851. On other side 31150 will be major resistance level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 40116. Now if price sustains on higher level then it will test next resistance level of 40220. On other side 39650 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4628. Now if price sustains on higher level then it will test next resistance level of 4678. On other side 4482 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 450.85. Now if price sustains on lower level then it will test next support level of 449.30. On other side 460.10 will be major resistance level.

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