MCX Market Strategies & Profitable Tips

Market Outlook

MCX Gold price jumped from lower levels and it also test immediate resistance of 32200, if price manages above 32200 in upcoming session then it will continue with bullish scenario up to next intraday resistance of 32400. MCX Crude oil took reverse movement from its support level and took some recovery from lower levels and if price holds 4100 in next session then this upward movement can take price up to next resistance level i.e. 4200. MCX Copper was quite volatile on Monday but we expect some bull run in next period if price maintains above 440 and if price takes reversal then it can find next important support at 430.

Fundamental News

Gold prices rose on Monday as investors’ appetite for riskier assets faded on concerns about a potential U.S. recession and decelerating global growth, increasing appeal for the bullion alongside yen and bonds.

Crude Oil slipped on Monday, with concerns of a sharp economic slowdown outweighing supply disruptions from OPEC’s production cutbacks and from U.S. sanctions on Iran and Venezuela.

Gold showed sideways to bullish movement and found the major resistance level of 32250. Now if price sustains on higher level then it will test next resistance level of 32400. On other side 32050 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 38650. Now if price sustains on higher level then it will test next resistance level of 38950. On other side 38350 will be major support level.

Crude oil showed sideways to bearish movement and found the major support level of 4093. Now if price sustains on lower level then it will test next support level of 4150. On other side 4031 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 438. Now if price sustains on higher level then it will test next resistance level of 443. On other side 434 will be major support level.

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