Know MCX Market With Essential Data

Market Outlook

MCX Gold price fluctuates at the bearish support line we still waiting to break this level to get a negative motive that supports the chances of continuing the bearish trend, oil price tests the key support 4450 now, the price needs to breach one of these levels support 4420 resistance 4530 to detect its next targets clearly. MCX Copper price shows some slight bearish bias the overall bullish trend scenario valid as long as the price is stable above 474.

Fundamental News

Precious metal prices slipped on Wednesday morning trade in Asia ahead of a meeting of the U.S. Federal Reserve and as investors look for clues on future interest rate hikes this year. As OPEC faces losses from Venezuela and Iran, OPEC is set to meet in Vienna on June 22 and is expected to decide whether or not to increase supply by one million barrels per day.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31187. Now if price sustains on higher level then it will test next resistance level of 31208. On other side 31107 will be major support level.

 SILVER

Silver showed sideways to bullish movement and found the major resistance level of 40924. Now if price sustains on higher level then it will test next resistance level of 41329. On other side 40573 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4518. Now if price sustains on higher level then it will test next resistance level of 4570. On other side 4454 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 481.50. Now if price sustains on lower level then it will test next support level of 475.20. On other side 487.20 will be major resistance level.

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