Gold and Silver Updates for Mcx Trading

Market Outlook

MCX Gold price trades, to continue fluctuating around 29800 level, thus, the bearish trend scenario will remain valid as it is without any change for the upcoming period. Oil price’s recent trades are confined within a bearish pennant pattern that appears on the chart, falling under negative pressure. MCX copper price surrendered positivity to provide some positive trading and approaches the initial resistance at 430, to expect gathering new negative momentum and reach 420 level.

Fundamental News

On Wednesday Gold prices slipped for two consecutive days as dollar slightly rose ahead of a meeting between and U.S. and European Commission presidents for trade-related talks. On Wednesday Oil prices gained after data from the American Petroleum Institute (API) reported U.S. crude inventories fell more than expected last week.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 29990. Now if price sustains on higher level then it will test next resistance level of 30087. On other side 29791 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 38691. Now if price sustains on higher level then it will test next resistance level of 39080. On other side 38350 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4800. Now if price sustains on higher level then it will test next resistance level of 4858. On other side 4700 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 433.40. Now if price sustains on higher level then it will test next resistance level of 438.70. On other side 426.75 will be major support level.

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