Recover Your Losses With Mcx Tips 30-Sept-2019

Market Outlook

MCX Gold witnessed the strong selling pressure for most part of the session and recovered some points in the last few hours to close on a flat note with negative bias. On daily charts, 37000 is still seen as strong support for the bullion whereas any closing above the resistance of 38000 can trend it upwards. MCX Crude moved with negative bias for the whole session as it strong resisted around 4000 and 3850 is seen as good support for it. MCX Copper moved in a subdued manner for the entire session without any decisive movement on either side. The strong resistance is seen near 440 on daily charts whereas 445 may act as resistance in the coming session.

Fundamental News

Gold pared some losses on Friday, after falling more than 1%, as investors opted for the safety of the metal following reports the United States is considering delisting Chinese companies from U.S. stock exchanges.

Oil prices fell on Friday on media reports that the administration of President Donald Trump may limit U.S. portfolio investments into China, a move that would mark an escalation of U.S.-Sino trade tensions.

GOLD

Gold showed bearish movement and found the major support level of 37310. Now if price sustains on lower level then it will test next support level of 37300. On other side 38000 will be major resistance level.

SILVER

Silver showed bearish movement and found the major support level of 44655. Now if price sustains on lower level then it will test next support level of 44500. On other side 46500 will be major resistance level.

CRUDE

Crude oil showed bearish movement and found the major support level of 3869. Now if price sustains on higher level then it will test next resistance level of 4050. On other side 3850 will be major support level.

COPPER

Copper showed bearish movement and found the major support level of 439.65. Now if price sustains on higher level then it will test next resistance level of 445. On other side 438 will be major support level.

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