MCX Market update With Essential Data 18th June

Market Outlook

MCX Gold price continues its negative trading strongly to break
31100 level and settles below it, confirming extending the bearish
wave towards our next negative target at 30850, Oil price traded with
strong negativity to break 4450 level and settles below tt, to activate
the bearish trend scenario that its next targets located at 4280. MCX
Copper price is affected by the strength of the barrier near 380,
which forces it to delay the bullish attack, trading range for today is
between 472 and 484.

Fundamental News

Precious metal prices continued to languish at year-to-date lows
despite the dollar turning negative and rising geopolitical tensions
amid growing fears of a U.S.-China trade war.
Oil prices settled lower as data pointing to an ongoing expansion in
U.S. output and fears that Saudi Arabia and Russia were set to hike
production weighed on sentiment.

Gold showed sideways to bearish movement and found the
major support level of 30958. Now if price sustains on lower
level then it will test next support level of 30840. On other
side 31424 will be major resistance level.

Silver showed sideways to bearish movement and found the
major support level of 40141. Now if price sustains on lower
level then it will test next support level of 39840. On other
side 41698 will be major resistance level.

Crude oil showed sideways to bearish movement and
found the major support level of 4373. Now if price
sustains on lower level then it will test next support level
of 4350. On other side 4575 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 472.60. Now if price sustains on lower level then it will test next support level of 469.75. On other side 483.20 will be major resistance level.

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