Daily Mcx Trading Tips And Updates

Market Outlook

MCX Gold opened on a gap down note below 39800 mark but showed strong bullishness from lower levels and traded above 39900 the immediate resistance of 40000. It may drag towards the next support of 39700 if it holds below 39800. On higher side, resistance is seen in range of 40000-40100. MCX Crude opened gap down and remained at lower levels. If it sustains below the immediate support of 4000 then it may fall towards the next support of 3950 whereas 4100 may continue to act as major resistance. MCX Copper showed downward and found support near 450.85 sustaining below which may further weaken the metal while 448 may act as immediate resistance.

Fundamental News

Gold prices drifted sideways again in extremely narrow ranges on Wednesday as another burst of generally upbeat economic data depressed demand for haven assets, while lingering concern about the spread of the coronavirus and fresh trade disputes restricted selling.

Oil prices pushed lower Wednesday, amid worries over the impact the pneumonia-like virus in China could have on demand for crude from the world’s largest consumer.

Gold showed bullish movement and major resistance around level of 39975. Now if price maintains on higher level then it will test next resistance level of 40300. On other side 39500 will be major support level.

Silver showed bearish movement and major support around level of 46444. Now if price maintains on higher level then it will test next resistance level of 47000. On other side 45500 will be major support level.

Crude oil showed bearish movement and major support level of 4036. Now if price sustains on lower level then it will test next support level of 3900. On other side 4150 will be major resistance level.

Copper showed sideways movement and found major support around level of 450.85. Now if price sustain on lower level then next support level will be 447. And 455 will be major resistance level.

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