Intraday Best Trading Tips For Mcx Market

Market Outlook

MCX Gold opened on a gap up note and sustained higher towards resistance levels. Now, bullish momentum can be witnessed till it maintains above 38400 level and 38700 is seen as near resistance. Any closing below 38000 can again be a signal for trend reversal. MCX Crude continued the bearish trend so followed since last few consecutive sessions and now 3700 is seen as near support whereas 3800-3840 is seen as resistance range ahead. MCX Copper opened gap up after a bullish reversal on daily chart but on intraday charts, it didn’t sustained on resistance levels of 441 and dragged towards the support of 433.

Fundamental News

Gold prices were little changed on Thursday, following a jump of more than 1% in the previous session, as investors awaited more data with which to gauge U.S. economic health and that could influence further U.S. Federal Reserve action on interest rates.

Oil slipped further below $58 a barrel on Thursday, pressured by concerns about global economic growth, oil demand and signs of excess supply despite OPEC-led cuts.

Gold showed bullish movement and found the major resistance level of 38650. Now if price sustains on lower level then it will test next support level of 38150. On other side 39000 will be major resistance level.

Silver showed bullish movement and found the major resistance level of 46000. Now if price sustains on lower level then it will test next support level of 45000. On other side 46800 will be major resistance level.

Crude oil showed bearish movement and found the major support level of 3600. Now if price sustains on higher level then it will test next resistance level of 3770. On other side 3500 will be major support level.

Copper showed bearish movement and found the major support level of 431 Now if price sustains on higher level then it will test next resistance level of 442. On other side 421 will be major support level.

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