Mcx Trading Tips Based on Technical Analysis

Market Outlook

MCX Gold price showed strong bullish movement on Friday and it also broke its important resistance level of 32000 and if price trades above 32150 in upcoming session then again we will keep bullish overview up to next resistance level of 32300. MCX Crude oil fell from higher levels and broke its strong support of 3900 and for next week it may give more down side movement and test next support of 3700 and higher side it has immediate resistance level at 3850. MCX Copper also showed bearish movement and broke its important support of 410 and if price sustains below 405 in next session then bearish trend will remain active towards next support i.e. 400 levels.

Fundamental News

Bullion and futures of gold returned to the key bullish $1,300 mark on Friday as equity markets cratered and benchmark U.S. Treasury yields tumbled after President Donald Trump’s move to add Mexico to the U.S. list of trade adversaries.

Oil slumped over 3% on Friday and posted its biggest monthly drop in six months, after U.S. President Donald Trump stoked global trade tensions by threatening tariffs on Mexico, a key U.S. trade partner and major supplier of crude oil.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 32300. Now if price sustains on higher level then it will test next resistance level of 32450. On other side 31900 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 36750. Now if price sustains on higher level then it will test next resistance level of 37100. On other side 36300 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 3740. Now if price sustains on lower level then it will test next support level of 3650. On other side 3980 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 406. Now if price sustains on lower level then it will test next support level of 401. On other side 411 will be major resistance level.

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