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Best Intraday Tips For Mcx Market

Market Outlook

MCX price shows calm positive trading within a minor bullish channel, which we believe that it forms bearish flag pattern, which means that breaking 30500 will activate the negative effect of this pattern. Oil price continued its bullish rally to touch 4680 level by last week close; the price begins today with a bearish gap that puts the price around 4620 level. MCX Copper price continues to fluctuate below 460 levels, this factor confirms exiting the bullish track, to prepare to form strong negative trades and target negative levels.

Fundamental News

Bullions prices edged up on Monday as the dollar weakened, while trade concerns between the U.S. and China also supported the gold. Crude Oil prices fell on Monday following the Organisation of Oil Exporting countries (OPEC)’s decision to raise output on Friday.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 30738. Now if price sustains on higher level then it will test next resistance level of 30885. On other side 30621 will be major support level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 39584. Now if price sustains on lower level then it will test next support level of 39391. On other side 39924 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4636. Now if price sustains on lower level then it will test next support level of 4575. On other side 4735 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 448.70. Now if price sustains on lower level then it will test next support level of 446.50. On other side 456.65 will be major resistance level.

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