Valuable MCX Trading Tips & Updates

Market Outlook

MCX Gold price showed bullish movement on Wednesday and retest its strong resistance level of 32850. For upcoming trading session if price manages above 33000 levels then we will continue to suggesting upward trend up to next resistance of 33200. MCX Crude oil price again slipped below 3600 levels and if price sustains below 3550 in upcoming session then this bearish movement can take price towards next intraday support level of 3480. MCX Copper price showed downward side movement and continue with bearish trend and if price breaks 405 levels than 400 will act as a next important support level.

Fundamental News

Gold prices rose on Wednesday after hitting a one-week low in the previous session, as worries over U.S.-China trade war flared up, curbing risk appetite and increasing the appeal of safe-haven bullion.

Oil prices fell more than 2% on Wednesday, weighed down by a weaker demand outlook and a rise in U.S. crude inventories despite expectations of extended supply cuts led by OPEC.

Gold showed sideways to bullish movement and found the major resistance level of 32850. Now if price sustains on higher level then it will test next resistance level of 33000. On other side 32650 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 37000. Now if price sustains on higher level then it will test next resistance level of 37300. On other side 36700 will be major support level.

Crude oil showed sideways to bearish movement and found the major support level of 3560. Now if price sustains on lower level then it will test next support level of 3480. On other side 3700 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 405. Now if price sustains on lower level then it will test next support level of 400. On other side 411 will be major resistance level.

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