Innovative Platform For Mcx Trading Tips 20th May

Market Outlook

MCX Gold continues with its downward trend and showed bearish movement on Friday. For upcoming session it can test its major support of 31500. MCX Crude oil took some correction from higher levels after bullish movement and if price trades below 4400levels in next week then again bearish trend will active towards next support level of 4300 and higher side it has intraday resistance level at 4450. MCX Copper also showed bearish movement and test its major support of 425 but unable to sustains below this level and took quick recovery from lower levels. For next session it may give some upside movement and test its immediate resistance level of 435.

Fundamental News

Gold prices on Friday slipped to their lowest in two weeks as the dollar advanced on the back of strong U.S. economic data, putting the metal on track for its biggest weekly decline in a month.

Oil prices edged lower on Friday due to demand fears amid a standoff in Sino-U.S. trade talks, but both benchmarks ended the week higher on rising concerns over supply disruptions in Middle East shipments due to U.S.-Iran political tensions.

Gold showed sideways to bearish movement and found the major support level of 31700. Now if price sustains on higher level then it will test next resistance level of 31550. On other side 32050 will be major support level.

Silver showed sideways to bearish movement and found the major support level of 36500. Now if price sustains on higher level then it will test next resistance level of 36200. On other side 36900 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4480. Now if price sustains on higher level then it will test next resistance level of 4550. On other side 4380 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 424. Now if price sustains on lower level then it will test next support level of 420. On other side 429 will be major resistance level.

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