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Analyse Latest Trends in Mcx Market

Market Outlook

MCX Gold trades on higher level due to movement of USDINR and price also test major resistance i.e. 31850 levels, for upcoming trading session it may give more upward side movement up to 32000 levels. MCX crude oil also gives positive movement again and test 3600 levels and it may also takes more recovery and test next resistance level. MCX Copper takes quick recover from lower level and gives positive movement after bearish trend, for upcoming trading session it may continue with upward trend and price may test next resistance of 430.

Fundamental News

Gold prices held steady on Wednesday as a surge in risk appetite on hopes of a Sino-U.S. trade deal offset support from expectations of a pause in U.S. Federal Reserve rate hikes. Prices of U.S. crude oil rose above $50 per barrel for the first time in 2019 on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31990. Now if price sustains on higher level then it will test next resistance level of 32100. On other side 31633 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 39642. Now if price sustains on higher level then it will test next resistance level of 39950. On other side 39237 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 3705. Now if price sustains on higher level then it will test next resistance level of 3800. On other side 3525 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 421.20. Now if price sustains on higher level then it will test next resistance level of 425.30. On other side 414.55 will be major support level.

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