Make Huge Profit With Mcx Trading Tips

Market Outlook

MCX Gold has, on the hourly mode, moved up above previous swing high. Price after a steep rally witnessed a pause in the previous session. On the lower end, support is visible at 40700. On the higher end, price has resistance at 40850/41050. MCX Crude, has moved above previous swing high on the hourly chart, which is positive set up.On the lower end, price has support at 3700/3660 over the near term. On the higher end, resistance is visible at 3740/3770.MCX Copper has been range bound for the last few days as it failed to move significantly on a particular direction. MCX Copper has been range bound for the last few days as it failed to move significantly on a particular direction.

Fundamental News

Gold prices slipped on Monday in Asia as China imposed tightened restrictions on movement in the Hubei province to prevent the spreading of the coronavirus.

Oil prices were little changed on Monday as concerns of falling fuel demand caused by the economic fallout from the coronavirus outbreak in China were offset by expectations that output cuts from major producers will tighten crude supply.

GOLD

Gold showed bearish movement and major resistance around level of 41300. Now if price maintains on higher level then it will test next resistance level of 41600. On other side 40700 will be major support level.

SILVER

Silver showed bearish movement and major resistance around level of 46400. Now if price maintains on higher level then it will test next resistance level of 46800. On other side 45400 will be major support level.

CRUDE

Crude oil showed bearish movement and major resistance level of 3750. Now if price sustains on above 3700 level then it will test next resistance level of 3800. On other side 3600 will be major support level.

COPPER

Copper showed bullish movement and major resistance level is 438. Now if price sustains on lower level then it will test next resistance level of 442. On other side 430 will be major support level.

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