Essentials Tips To Follow While Mcx Trading 26 Dec’18

Market Outlook

MCX Gold price trades with clear positivity to start testing the key resistance 31600, which urges caution from the upcoming trading, as confirming breaching this level will push the price to achieve more gains, oil price suffers additional strong losses by Monday’s end, to move below 3120 barrels, which supports the continuation of our bearish overview efficiently in the upcoming period, MCX Copper price gained some positive momentum, to notice its rally towards testing the broken support at 424, while the upcoming scenario depends on the stability of this barrier.

Fundamental News

The fractional U.S. government shutdown and growing worries of a global recession seem to be taking gold slowly but more surely toward the $1,300 per ounce level targeted by precious metals bulls. On Monday the selloff in crude showed no signs of slowing, with U.S. West Texas Intermediate and U.K. Brent losing more than 6% each, bringing the 10-week rout in oil now to 45% — and counting.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31470. Now if price sustains on higher level then it will test next resistance level of 31570. On other side 31270 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 37600. Now if price sustains on higher level then it will test next resistance level of 37830. On other side 37305 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 3042. Now if price sustains on lower level then it will test next support level of 2935. On other side 3259 will be major resistance level.

 COPPER

Copper showed sideways to bearish movement and found the major support level of 413.60. Now if price sustains on lower level then it will test next support level of 408. On other side 419.50 will be major resistance level.

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