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Accurate Forecast To Trade MCX Market

Market Outlook

MCX Gold price shows sideways and tight trades since morning, settling below 31100 level, thus, no change to the bearish trend scenario that depends on holding below the mentioned level, oil price still stuck between the trend confirmation levels represented by 4400 support and 4465 resistance, which keeps our neutrality valid until now, waiting to breach one of these levels to detect the next targets clearly. Copper price succeeded to gain new positive momentum above 460 levels recently, to manage to form new bullish wave and settle above the 462 level.

 

Fundamental News

Despite a slightly softer U.S. dollar, precious metals prices were lower during morning trade in Asia on Monday. Crude oil prices got off to a lackluster start on Monday, as rising U.S. crude production and expectations that OPEC members will raise supplies remained in focus.

GOLD

Gold showed sideways to bearish movement and found the major support level of 30825. Now if price sustains on lower level then it will test next support level of 30785. On other side 31012 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 39461. Now if price sustains on lower level then it will test next support level of 39181. On other side 39840 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4343. Now if price sustains on lower level then it will test next support level of 4300. On other side 4435 will be major resistance level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 465.40. Now if price sustains on higher level then it will test next resistance level of 467.70. On other side 458.70 will be major support level.

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