Expert Analysis of Mcx Market | Gold Updates

 

 

Market Outlook

MCX Gold price declines on Tuesday and to maintain above 33600, In general we will continue to suggest then bearish trend on the intraday basis towards next major c support level of 33200.MCX Crude oil took some recovery from lower levels after sharp downfall but still looks bearish for next trading session and it has immediate support of 3850 and upward side it has important resistance level of 4000. MCX Copper showed bullish movement and it again test 465 levels and if it breaks this level in next session then it will continue with positive breath up to next intraday resistance of 470 and lower side it has initial support of 455.

Fundamental News

Prices of Gold fell by Rs 60 to Rs 34,530 per 10 grams at the bullion market on Tuesday backed by weak trend overseas amid easing demand from local jewellers at prevailing levels, according to All India Sarafa Association. Crude Oil prices edged higher on Tuesday, finding steady ground after tumbling more than 3 percent in the previous session when U.S. President Donald Trump called on OPEC to ease its efforts to boost the market.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 33600. Now if price sustains on higher level then it will test next resistance level of 33720. On other side 33330 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 40360. Now if price sustains on higher level then it will test next resistance level of 40650. On other side 39950 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 3994. Now if price sustains on higher level then it will test next resistance level of 4050. On other side 3927 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 463.35. Now if price sustains on higher level then it will test next resistance level of 468. On other side 459 will be major support level.

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