Beneficial Market Reflection of MCX Market

 

Market Outlook

MCX Gold price resumes its negative trading to move below 30500 level, to keep the down trend scenario valid efficiently for the rest of the day. Oil price continues to rise to start testing 5110 level now, reinforcing the expectations of upward movement in the upcoming period. MCX Copper price recent effect by the sideways bias domination, its continuous negative closings below 456 resistance confirms the continuation of the negativity for the upcoming trading.

Fundamental News

Precious metal prices are likely to remain under pressure this week as traders digest the time of minutes of the Federal Reserve’s June meeting on Thursday, when markets re-open after Wednesday’s Independence Day holiday.Crude Oil prices will likely see a volatile start to the week after U.S. Donald Trump President surprised traders by announcing an impromptu agreement with Saudi Arabia to add extra supply to increasingly tight oil markets.

GOLD

Gold showed sideways to bearish movement and found the major support level of 30270. Now if price sustains on lower level then it will test next support level of 30119. On other side 30518 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 39369. Now if price sustains on lower level then it will test next support level of 38970. On other side 39800 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 5118. Now if price sustains on higher level then it will test next resistance level of 5170. On other side 5019 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 447.45. Now if price sustains on lower level then it will test next support level of 442.30. On other side 452.85 will be major resistance level.

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