Pick Profitable Trading Tips of MCX Market

Market Outlook

MCX Gold price shows some bullish bias, affected by stochastic positivity, and it might test 31400 before resuming the bearish trend again. Oil price tests the bullish channel’s support line that appears on the chart, as breaking 4850 will put the price under the negative pressure to start bearish correction that its main targets begin at 4765. Copper price keeps looking for positive momentum, accompanied with its repeated stability above 462 level, reinforcing the continuation of the positivity in the upcoming period.

Fundamental News

Yellow metal prices moved higher as a weaker dollar and U.S.-China trade concerns continued to support demand for the safe haven precious metal. Russia only currently produces more, at around 11 million bpd. Domestic oil production – driven by shale extraction – remained unchanged at an all-time high of 10.70 million barrels per day (bpd).

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31510. Now if price sustains on higher level then it will test next resistance level of 31579. On other side 31238 will be major support level.

 SILVER

Silver showed sideways to bullish movement and found the major resistance level of 40887. Now if price sustains on higher level then it will test next resistance level of 41590. On other side 40331 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4832. Now if price sustains on lower level then it will test next support level of 4800. On other side 4915 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 464.50. Now if price sustains on lower level then it will test next support level of 462.80. On other side 469 will be major resistance level


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