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Analyse Every Movement With Mcx Trading Tips

Market Outlook

MCX Gold price jumped on Wednusday due to strong dollar and it also test its major resistance level of 33600, If price maintains above 33600 in next trading session then it will remain continue with bullish bias and lower side it can find strong support of 33300. MCX Crude oil again took recovery from lower levels and broke immediate resistance of 4000 and if price closes above this level then in next session if can find next resistance of 4100. MCX Copper was quite volatile and it moves in between a range i.e. 460-465. For next session if price will cross 465 levels then bullish scenario will remain active up to next resistance level of 470.

Fundamental News

Prices of Gold held steady on Wednesday as the dollar traded near three-week lows, after U.S. Federal Reserve Chairman Jerome Powell reiterated that the central bank will be patient in hiking interest rates. Crude Oil rose on Wednesday after a report of declining U.S. crude inventories and as producer club OPEC seemed to stick to its supply cuts despite pressure from U.S. President Donald Trump.

GOLD

Gold showed sideways to bearish movement and found the major support level of 33230. Now if price sustains on lower level then it will test next support level of 33130. On other side 33620 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 39750. Now if price sustains on lower level then it will test next support level of 39450. On other side 40250 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4098. Now if price sustains on higher level then it will test next resistance level of 4180. On other side 3976 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 465.50. Now if price sustains on higher level then it will test next resistance level of 469. On other side 458.80 will be major support level.

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