Essential MCX Market Trading Tips For Traders

Market Outlook

MCX Gold today trades on higher levels after a long time, now if price maintains on upper levels and it test 31500 then bullish trend remain continue up to next resistance level i.e. 31800. MCX Crude oil looks still bullish but it took some correction from higher to lower levels and test major support level of 5495, for next trading session it may take more correction if it sustains below 5490 and price may test next important support level of 5440. MCX Copper test major resistance level of 460 and if it closes above this level today then it will continue with uptrend up to 470 levels.

Fundamental News

Gold prices inched up after gaining over 1% in the previous session on worries over Italian finances. EU officials expressed concerns about Italy’s financial budget plan.

Crude Oil steadied near the highest level in almost four years as supply crunch fears outweighed expectations for an increase in American crude inventories.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31480. Now if price sustains on higher level then it will test next resistance level of 31579. On other side 31000 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 39298. Now if price sustains on higher level then it will test next resistance level of 39749. On other side 38500 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 5680. Now if price sustains on higher level then it will test next resistance level of 5755. On other side 5457 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 464.10. Now if price sustains on higher level then it will test next resistance level of 467.65. On other side 455.65 will be major support level.

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