Live MCX Trading Tips Updates & Views 31St Dec.

Market Outlook

MCX Gold price ended yesterday’s trading above the bullish channel’s resistance, to confirm the continuation of the bullish bias on the intraday basis, the bullish trend will be suggested in the upcoming sessions unless breaking 31500 and holding below it, oil price fluctuates around 3200 level, waiting to motivate the price to resume the main bearish trend, which its next main target located at 2930, MCX Copper price is forced to provide more of the sideways trading without achieving any new negative target, due to its neediness to the negative momentum, but the price stability below the resistance that is located at 424 supports the continuation of the negativity.

Fundamental News

 On Friday COMEX gold futures hit new six-month highs on Friday, reaching $1,284.55 per troy ounce.

On Friday Oil prices rose despite a drop of less than 50,000 barrels in U.S. crude inventories reported for last week by the Energy Information Administration (EIA). The market had forecast a 2.87-million-barrel decline.

GOLD

Gold showed sideways to bearish movement and found the major support level of 31585. Now if price sustains on lower level then it will test next support level of 31450. On other side 31734 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 38587. Now if price sustains on lower level then it will test next support level of 38200. On other side 38900 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 3124. Now if price sustains on lower level then it will test next support level of 3042. On other side 3237 will be major resistance level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 424.70. Now if price sustains on higher level then it will test next resistance level of 428. On other side 416.60 will be major support level.

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