Upcoming MCX Tips | News Headlines | 21 May 2018

Market Outlook

MCX Gold price shows some bullish bias and it might head to test the key resistance 1301.20 before turning back to decline again, and as long as the price is below this level, our bearish overview will remain active, oil price shows negative trading to test the 4825 level, which continues to support the price from below, to keep the bullish trend scenario active in the upcoming period, MCX copper price did not show any new action until this morning, the bullish overview that requires rallying above 467 level, to start achieving the main targets at 472 followed by 476.

Fundamental News

Bullions prices rose on Friday as a weaker dollar and falling U.S. Treasury yields bolstered demand for the precious metal but gains were limited as traders remained wary of a rebound in yields.

Crude oil prices settled lower on Friday, but notched their third straight week of gains as falling production in Venezuela and pending U.S. sanctions on Iran helped offset signs of an expansion in U.S. output.

Gold showed sideways to bullish movement and found the major resistance level of 31110. Now if price sustains on higher level then it will test next resistance level of 31160. On other side 30944 will be major support level.

 

Silver showed sideways to bullish movement and found the major resistance level of 40248. Now if price sustains on higher level then it will test next resistance level of 40500. On other side 40050 will be major support level.

 

Crude oil showed sideways to bullish movement and found the major resistance level of 4880. Now if price sustains on higher level then it will test next resistance level of 4899. On other side 4827 will be major support level.

 

Copper showed sideways to bullish movement and found the major resistance level of 466.50. Now if price sustains on higher level then it will test next resistance level of 467.80. On other side 461 will be major support level.

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