Online Mcx Trading Tips

Market Outlook

MCX Gold showed gap down opening and sustained below the previous close. Bullion was not able to surpass the crucial mark of 38000 which indicates selling can drag it further towards support levels within range of 37500-37400. MCX Crude oil continued the bear rally of previous session and was trading with loss of more than 1%. Strong correction took place from highs of 4500 and closing below 4200 can further drop it towards next psychological support of 4100. MCX Copper continued three day losing streak and surpassed the crucial support mark of 450. Selling pressure can be enhanced towards the near support of 445 till it takes the resistance of 450.

Fundamental News

Gold consolidated around the $1,500 level on Wednesday, keeping to a $3 range ahead of a U.S. Federal Reserve decision on monetary policy, while fears of oil-led inflation ebbed, limiting safe-haven inflows into bullion.

Oil prices retreated on Wednesday, extending the previous day’s decline on Saudi Arabia’s assertions that full production would be restored quickly after last weekend’s attacks on its facilities.

GOLD

Gold showed bearish movement and found the major support level of 37734. Now if price sustains on lower level then it will test next support level of 37500. On other side 38300 will be major resistance level.

SILVER

Silver showed bearish movement and found the major support level of 46270. Now if price sustains on lower level then it will test next support level of 46000. On other side 47000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and found the major support level of 4099. Now if price sustains on higher level then it will test next resistance level of 4200. On other side 4000 will be major support level.

COPPER

Copper showed bearish movement and found the major support level of 446.50. Now if price sustains on higher level then it will test next resistance level of 455. On other side 440 will be major support level.

        

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