Profitable MCX Trading Tips & Strategies

Market Outlook

MCX Gold continued the selling pressure of the previous session and dragged around the crucial level of 39500. Now, if it sustains below this mark for coming sessions in absence of any worries regarding US-Iran conflicts, then it may drop towards the near support of 39000. MCX Crude witnessed intense sell offs from the highs near 4200 and closed the session near the supports of 4150. If it holds below this important support then it may dip towards the support range of 4100-4050 whereas 4300 is seen as key resistance from current levels. MCX Copper resisted near the cucial resistance of 450. If the metal again again chases 454 marks then it may show bullishness.

Fundamental News

Gold prices fell on Monday as Asian stocks touched 19-month highs ahead of the planned signing of an interim trade deal between Washington and Beijing. Spot gold dipped 0.4 per cent to $1,556.40 per ounce by 0421 GMT. US gold futures fell 0.2 per cent to $1,557.10.

Oil prices edged down on Monday as fears of conflict between the United States and Iran eased, although the decline was checked by the planned signing of an initial U.S.-China trade deal this week, which could boost demand.

GOLD

Gold showed bearish movement and major support around level of 39525. Now if price maintains on higher level then it will test next resistance level of 40000. On other side 39200 will be major support level.

SILVER

Silver showed bearish movement and major support around level of 46382. Now if price maintains on higher level then it will test next resistance level of 47500. On other side 45500 will be major support level.

CRUDE

Crude oil showed bearish movement and major support level of 4103. Now if price sustains on lower level then it will test next support level of 4050. On other side 4200 will be major resistance level.

COPPER

Copper showed bullish movement and found major resistance around level of 450.55. Now if price sustain on lower level then next support level will be 445. And 454 will be major resistance level.

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