Brief and Important Mcx Trading Tips

Market Outlook

MCX Gold opened on a weak note and remained weaker for most part of the session after strong selling pressure so seen in the previous session. Now, dragging below, it may find support near 37500 whereas 38000 may act as important resistance for the coming sessions. MCX Crude showed reversal candlestick on daily chart indicating weakness for the session. If the counter trades below 4200 mark then it may further weaken and reach towards the support range of 4100-4080. On higher side, it needs a closing bove 4200 to be positive. MCX Copper showed sluggish moves during the session and remained sideways with some positive bias.

Fundamental News

Gold edged down to a one-week low on Monday after the United States and China expressed willingness to sign an initial trade deal by year-end, boosting market sentiment and driving investors to assets seen as higher risk.Saudi Arabia is unlikely to push for deeper oil cuts in OPEC during the upcoming meeting in Austria, Trendreports citing UK-based Capital Economics research and consulting company.

GOLD

Gold showed bearish movement major support around level of 37700. Now if price sustains on lower level then it will test next support level of 37500. 38000 will be major resistance level.

SILVER

Silver showed bearish movement and found support around level of 44050. Now if price sustains on lower level then it will test next support level of 43500. On other side 45000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and break the major support level of 4109. Now if price sustains on higher level then it will test next resistance level of 4230. On other side 3950 will be major support level.

COPPER

Copper showed bearish movement and found major support around level of 438.45. Now if price sustain on lower level then support level will be 425. And 435 will be major resistance level.

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