Positional Trading Tips For MCX Market

Market Outlook

MCX Gold price begins today’s trading with bearish bias to reach the thresholds of the first waited target at 30380, falling under continuous negative pressure. Oil price confirmed breaching 4750 level after holding above it yesterday, approached our first waited target at 5100. MCX Copper price negative track, there is no change. Assuring the importance of surpassing 448 level to open the way to record more targets.

Fundamental News

Precious metal prices slipped on Wednesday, to a more than six-month low as the dollar steadied amid seemingly easing trade tension. Crude Oil prices rose on Wednesday on reports that U.S. officials urged all countries to stop Iranian crude imports from November.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 30700. Now if price sustains on higher level then it will test next resistance level of 30798. On other side 30516 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 39767. Now if price sustains on higher level then it will test next resistance level of 39924. On other side 39463 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 5046. Now if price sustains on higher level then it will test next resistance level of 5100. On other side 4844 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 455.50. Now if price sustains on higher level then it will test next resistance level of 456.60. On other side 448.80 will be major support level.

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