Mcx Trading Tips And Updates 3 Feb 2020

Market Outlook

MCX Gold price has moved higher from lower levels during session. Momentum indicator RSI has shown positive crossover on the hourly chart, which also supports our bullish view in the commodity. Gold is looking bullish with a potential to reach 41,500. On Crude oil price has moved lower during the day. Technically it is traded below 8 days EMA which support bearish view. One can expect further downside movement if it breaches immediate support mark of 3660. MCX price is trading below its Parabolic SAR, which indicates short term trend remains negative. Copper is looking bearish with a potential to reach 421.

Fundamental News

Gold posted its best monthly gain in five on Friday as fears over China’s coronavirus epidemic drove more safe-haven buying in the yellow metal. The investor flight from equities and other risky assets such as oil continued on Friday as China reported more than 200 deaths and 10,000 infections from the coronavirus.

Oil prices jumped on Friday following sharp losses this week, as the World Health Organization (WHO) came out against travel and trade restrictions in declaring a global emergency over the spread of a coronavirus that originated in China last year.

Gold showed bullish movement and major resistance around level of 41224. Now if price maintains on higher level then it will test next resistance level of 41600. On other side 40700 will be major support level.

Silver showed bullish movement and major resistance around level of 47295. Now if price maintains on higher level then it will test next resistance level of 47800. On other side 46500 will be major support level.

Crude oil showed bearish movement and major support level of 3662. Now if price sustains on lower level then it will test next support level of 3550. On other side 3750 will be major resistance level.

Copper showed bearish movement and found major support around level of 426. Now if price sustain on lower level then next support level will be 422. And 430 will be major resistance level.

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