Valuable MCX Trading Tips and Market Updates 22nd April

Market Outlook

MCX Gold price took recovery from lower levels after sharp downfall on Friday. For upcoming session if price trades above 31500 then it can test next immediate resistance of 31700 as well as bullish bias will remain active. MCX Crude oil was quite volatile due to its expiry as well as it cannot showed strength both side(upper/lower),Now if price sustains below 4400 in next period then we will get some downward side movement towards next major support level i.e. 4250 levels.MCX Copper also took correction from higher levels after Thursday’s bullish movement. For next session it may take more correction and find new correctional level at 440 and after that bearish trend will active.

Fundamental News

Gold steadied on Thursday as weak manufacturing data from Europe kindled some concerns over global growth, but bullion held near a 4-month low, pressured by gains in the US dollar on data showing robust US retail sales.

Prices of Crude Oil futures edged up on Thursday as a drop in crude exports from OPEC’s de facto leader, Saudi Arabia, and a draw in U.S. drilling rigs and oil inventories supported prices.

GOLD

Gold showed sideways movement and found the major support level of 31400. Now if price sustains on lower level then it will test next support level of 31200. On other side 31650 will be major resistance level.

SILVER

Silver showed sideways movement and found the major support level of 37100. Now if price sustains on lower level then it will test next support level of 36800. On other side 37400 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4420. Now if price sustains on lower level then it will test next support level of 4350. On other side 4480 will be major resistance level.

 

COPPER

Copper showed sideways to bearish movement and found the major support level of 445. Now if price sustains on lower level then it will test next support level of 441. On other side 454 will be major resistance level.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Comment

Your email address will not be published. Required fields are marked *