MCX Trading Strategy For Profitable Return 01st October

Market Outlook

MCX Gold price returns to rise after reaching our first target at 30300, to move above 30500, to keep the bearish trend scenario active conditioned by the price stability below 30550, Oil price rallied upwards strongly to touch our first waited target at 5345 and settles around it, waiting for more rises to head towards our next target at 5420. MCX Copper price faced additional negative pressure yesterday, while the continuous fluctuation below the broken support will confirm regaining the bearish bias to increase the chances of suffering losses by reaching 439.

Fundamental News

On Friday Gold prices were slightly higher on Friday, but still remained near a six-week low as the greenback continued to rally from the Federal Reserve’s interest rate hike and strong economic data.

Crude oil surged on Friday to the highest levels since 2014, ending September with its biggest monthly gain for the year after fears that upcoming U.S. sanctions on Iran will deprive the world of much-needed oil.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 30520. Now if price sustains on higher level then it will test next resistance level of 30665. On other side 30220 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 38634. Now if price sustains on higher level then it will test next resistance level of 39080. On other side 37506 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 5356. Now if price sustains on higher level then it will test next resistance level of 5392. On other side 5150 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 453.95. Now if price sustains on higher level then it will test next resistance level of 458.95. On other side 446.10 will be major support level.

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