Monday Market Updates on MCX Trading |02-Sept.

Market Outlook

MCX Gold was quite volatile on Friday and we will continue to suggesting some correction from higher to lower side, if price sustains below 38400 and below this level this momentum can find next psychological support level at 38000 and higher side it has immediate resistance level at 39000. MCX Crude oil took correction from higher levels after bullish movement and if price sustains below 3900 levels in upcoming session then again bearish scenario will active towards next support level of 3850. MCX Copper showed slight negative movement and it may give more down side movement, if price sustains below 440 levels and after that 435 will act as a next immediate support level.

Fundamental News

Gold eased on Friday as equity markets and the dollar firmed, but fears of a global economic slowdown and uncertainty about the U.S.-China trade war kept the safe-haven metal on track for its fourth straight monthly rise.

Oil gave back some of its recent gains on Friday, but was still headed for the biggest weekly increase since early July, boosted by a decline in U.S stocks, a looming hurricane in Florida and an easing of Sino-U.S. trade rhetoric.

Gold showed sideways to bearish movement and found the major support level of 38600. Now if price sustains on lower level then it will test next support level of 38400. On other side 39000 will be major resistance level.

Silver showed sideways to bullish movement and found the major resistance level of 47117. Now if price sustains on lower level then it will test next support level of 46000. On other side 47500 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 3921. Now if price sustains on higher level then it will test next resistance level of 4050. On other side 3870 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 441. Now if price sustains on higher level then it will test next resistance level of 446. On other side 438 will be major support level.

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