Online MCX Tips and Calls

Market Outlook

MCX Gold showed sideways movement in the beginning of the session but soon washed off all the gains so made in the later half of previous session as 38200 acted as strong resistance for the bullion. If it sustains below 38000 then it may again slip towards the support range of 37800-37600. MCX Crude exhibited a weak closing in the previous session and it remained below 4100 for most part of the session. If it holds below the important support of 4050 then it may further drag towards 4000 whereas 4170 is seen as major resistance from current levels. MCX Copper broked the key support of 437 and traded in the weak zone. Now, 435 is seen as good support for the metal.

Fundamental News

Gold held steady on Tuesday, after hitting its highest since Nov. 7 earlier in the session, as doubts about a trade deal between the United States and China dented risk sentiment.

Oil extended declines to $62 a barrel on Tuesday, pressured by limited progress in efforts to resolve the trade conflict between the United States and China as well as an expected rise in U.S. crude inventories. Oil also declined on the prospect of a further increase in U.S. crude inventories, suggesting ample supplies.

Gold showed bullish movement from major resistance around level of 38210. Now if price sustains on lower level then it will test next support level of 37900. 38600 will be major resistance level.

Silver showed bullish movement and found reistance around level of 44960. Now if price sustains on lower level then it will test next support level of 44000. On other side 45500 will be major resistance level.

Crude oil showed bearish movement and found major support around level of 3987. Now if price sustains on higher level then it will test next resistance level of 4100. On other side 3950 will be major support level.

Copper showed bearish movement and found major support around level of 435.55. Now if price maintains on higher level then it will test resistance level of 442. On other side 434 will be major support level.

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