Todays MCX Market Trading Strategy by Expert

Market Outlook

MCX Gold price provided negative trades yesterday to settle at the minor bearish channel’s support line that appears on the chart, the price to resume the bearish trend in the upcoming sessions, oil price provided more negative trades yesterday’s evening to press on 5020 level and attempts to break it, we believe that the price has the chance to rebound bullishly and resume the bullish trend in the upcoming sessions,MCX Copper price repeated the negative trades recently to notice its decline below the first negative target at 412, while the stability of this level and forming additional resistance allows us to continue suggesting the negative attempts that target 2.5500 level.

Fundamental News

 On Wednesday Gold prices rose morning in Asia, driven by the ongoing currency crisis in Argentina, which economists expect could lead to a recession, a weaker peso and higher inflation.

On Wednesday Crude Oil prices edged lower as a tropical storm that was expected to cause supply disruptions in the oil-rich Gulf area was not as strong as expected.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 30437. Now if price sustains on higher level then it will test next resistance level of 30515. On other side 30219 will be major support level.

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SILVER

Silver showed sideways to bullish movement and found the major resistance level of 37145. Now if price sustains on higher level then it will test next resistance level of 37640. On other side 36876 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4924. Now if price sustains on lower level then it will test next support level of 4867. On other side 4989 will be major resistance level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 420.30. Now if price sustains on higher level then it will test next resistance level of 425.70. On other side 415.55 will be major support level.

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