MCX Trading Tips by Market Expert

Market Outlook

MCX Gold price keeps its stability above the intraday support, we believe that the chances are valid to resume the expected bullish trend on the intraday and short term basis, oil price settled below 4960 level again, the bearish bias will be suggested in the upcoming sessions unless breaching 4960 level and holding above it, MCX Copper price last trading looks exhausted by the continuation of the negative pressures, we expect providing new bearish fluctuation, which attempts to test the bullish channel’s support at 428.

Fundamental News

On Tuesday Gold prices inched up on Tuesday as mounting fears over the prospect of a trade war between the U.S. and China stoked demand for the precious metal.

Crude Oil prices dropped on Tuesday morning in Asia as Saudi Arabia and Russia vowed to raise crude output, slashing market concerns over looming sanctions on Iran that kick off in November.

Gold showed sideways to bearish movement and found the major support level of 31760. Now if price sustains on lower level then it will test next support level of 31670. On other side 31939 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38167. Now if price sustains on lower level then it will test next support level of 37850. On other side 38479 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 4819. Now if price sustains on lower level then it will test next support level of 4734. On other side 4965 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 434.15. Now if price sustains on lower level then it will test next support level of 427.40. On other side 445.20 will be major resistance level.

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