Daily Live Forecast of MCX Markets Tips

Market Outlook

Mcx Gold price shows sideways and tight trading in the previous sessions, which forms negative factor that we expect to, press the price to resume the recently suggested bearish trend scenario, which its targets begin by testing 29900. Crude Oil price keeps its stability below 4820 level after retesting it yesterday, falling under continuous negative pressure coming trading days. Mcx Copper price did not affect by the results of the sideways bias domination, expecting to gather additional negative momentum to renew the pressure on 416 support line.

Fundamental News

 On Friday precious metal prices slipped as the dollar extended gains from the previous session. A strong U.S. inflation report and continued trade war concerns were cited as tailwind for the greenback.

On Friday crude oil prices headed lower in European morning trade as concerns about a China-U.S. trade war, After on Friday, traders await the latest Baker Hughes’ data on U.S. production.

GOLD

Gold showed sideways to bearish movement and found the major support level of 30000. Now if price sustains on lower level then it will test next support level of 29805. On other side 30180 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 38833. Now if price sustains on lower level then it will test next support level of 38432. On other side 39430 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4888. Now if price sustains on higher level then it will test next resistance level of 4977. On other side 4783 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 425.80. Now if price sustains on higher level then it will test next resistance level of 430. On other side 418.80 will be major support level.

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