Upcoming MCX Tips and News 20th Nov

Market Outlook

Gold price settles around 29500 level, waiting to get positive motive that supports the expectations of continuing the bullish trend on the intraday and short term basis. Crude oil price trades with clear positivity now after the sideways trading that it witnessed this morning, thus, our positive overview still active efficiently for today, waiting to target 3710 followed by 3765 levels as next main stations. Trading range for today is between 3570 support and 3660 resistance. Copper price confirmed the affection by the correctional bearish bias by consolidating below 442.50 level again, to prepare to record the correctional target that start at 435 with chances of testing the bullish channel’s support at 436.70.

Fundamental News

Oil prices rose on Friday but remained en route for their first week of losses in six, as concerns grew over Russia’s support for an extension of the crude output cuts that have bolstered prices in recent months.

Gold prices moved higher on Friday, as the U.S. dollar was weakened by new developments in a special investigation into Donald Trump’s presidential campaign and amid ongoing uncertainty over the fate of a major U.S. tax overhaul.

Gold showed sideways to bullish movement and found the major resistance level of 29730. Now if price sustains on higher level then it will test next resistance level of 29960. On other side 29200 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 40250. Now if price sustains on higher level then it will test next resistance level of 40650. On other side 39300 will be major support level.

Crude Oil showed sideways to bullish movement and found the major resistance level of 3700. Now if price sustains on higher level then it will test next resistance level of 3738. On other side 3600 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 434. Now if price sustains on lower level then it will test next support level of 430.50. On other side 450 will be major resistance level.

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