Favorable MCX Trading Tips by Market Expert

Market Outlook

MCX Gold price was quite volataile on Wednesday. On upcoming session if price maintains above 32200 then again bullish scenario will active and it can also test strong resistance of 32400 and lower side 32000 will act as a immediate support level. MCX Crude oil took some correction from higher levels after bullish movement and if price trades below 4050 in next session then this down side movement can take price towards next support level i.e. 4000 levels, as well as bearish trend will resumes again. MCX Copper showed strong bearish movement and we expect more downward side movement in upcoming period and it may also test immediate support level of 430.

Fundamental News

Gold price steadied on Wednesday, after declining the most in nearly two weeks in the previous session, as a firm dollar offset bullion’s gains emanating from fears of a possible recession in the United States.

Oil prices were mixed on Wednesday, with Brent extending the previous session’s rise, but gains were kept in check amid growing fears over the impact of a global economic slowdown on demand.

Gold showed sideways to bearish movement and found the major support level of 31980. Now if price sustains on lower level then it will test next support level of 31850. On other side 32200 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38000. Now if price sustains on lower level then it will test next support level of 37700. On other side 38400 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 4080. Now if price sustains on lower level then it will test next support level of 4000. On other side 4180 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 440. Now if price sustains on higher level then it will test next resistance level of 444. On other side 436 will be major support level.

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