Get Beneficial Trading Tips of MCX Market

Market Outlook

MCX Gold price shows calm trades, settling above the EMA50, and it attempts to crawl gradually towards our waited positive target at 31100, if it is breaking 30900 level and holding with a daily close above it.MCX Copper price repeats the positive trades and we will wait to move towards 446 that forms the first positive station, while the continuous positive pressure might extend trading towards the bullish channel’s resistance at 452. Oil price keeps the daily close stability below 4120, thus, our bearish overview will remain valid for the upcoming period & we should note that breaching 4120 will stop the expected decline.

Fundamental News

On Tuesday Gold prices were little changed even after New York Fed President John Williams (NYSE:WMB) said the Federal Reserve “will be likely raising interest rates somewhat.”

Crude prices edged down on Tuesday morning in Asia as major oil producer Russia adopted a wait-and-see attitude towards OPEC’s potential decision to cut oil output.

Gold showed sideways to bearish movement and found the major support level of 30758. Now if price sustains on lower level then it will test next support level of 30605. On other side 30990 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 36500. Now if price sustains on lower level then it will test next support level of 36100. On other side 37025 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 3854. Now if price sustains on lower level then it will test next support level of 3800. On other side 4118 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 435.60. Now if price sustains on lower level then it will test next support level of 430. On other side 448.70 will be major resistance level.

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