MCX Market Higher Profit Tips For Traders

Market Outlook

MCX Gold price continues to fluctuate at the 29650 level, to form negative factor that supports the chances of resuming the recently suggested bearish trend, which depends on holding below 29650. Oil price ended yesterday’s trading below the main bullish channel’s support line and below 4580, to confirm the activation of the bearish trend on the intraday and short term basis, MCX Copper price surrendered to the correctional positive attempts due to the stability of 413 support line, the negative attack will be postponed unless achieving the required break.

Fundamental News

 Precious metal prices traded lower on Wednesday as a Federal Reserve policymaker reiterated the need for rate hikes and a stronger dollar weakened demand for the gold.

 On Thursday Crude Oil prices advanced on Thursday after falling overnight. Reports that Saudi Arabia reassured Canada on oil supplies received some focus.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 29734. Now if price sustains on higher level then it will test next resistance level of 29894. On other side 29585 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 38186. Now if price sustains on higher level then it will test next resistance level of 38480. On other side 37877 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4635. Now if price sustains on higher level then it will test next resistance level of 4710. On other side 4556 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 427.95. Now if price sustains on higher level then it will test next resistance level of 433.40. On other side 419.90 will be major support level.

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