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Beneficial Trading Tips For MCX Commodity Market

 

Market Outlook

MCX Gold price touched the correctional bullish channel’s resistance and bounced bearishly from there, noticing that the price failed to achieve a daily close above 31500, these factors encourage us to suggest a bearish reverse in the upcoming sessions, to head towards testing 30900 areas mainly, oil price settles below the previously completed bearish flag’s support line, and the price reached the thresholds of our waited target at 3160, we will continue to suggest the bearish trend in the upcoming sessions unless breaching 3520 level and holding above it. MCX Copper price confirmed moving to the negative track by providing new negative close below the broken support, to form new resistance at 424, thus, we will continue to suggest the negative attempts until surpassing 414 level.

Fundamental News

 

On Friday in Asia Gold prices fell as the U.S. dollar recovered.

Crude Oil’s biggest problem is panic over the economy — and the correlations show it, for all the talk of Organization of the Petroleum Exporting Countries (OPEC) supply cuts and surging shale production.

GOLD

Gold showed sideways to bearish movement and found the major support level of 31150. Now if price sustains on lower level then it will test next support level of 30900. On other side 31450 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 37200. Now if price sustains on lower level then it will test next support level of 36800. On other side 37700 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 3185. Now if price sustains on lower level then it will test next support level of 3120. On other side 3300 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 417.50. Now if price sustains on lower level then it will test next support level of 412. On other side 425 will be major resistance level.

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