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Daily Analysis of Mcx Market Trading

Market Outlook

Precious metal price’s trades are confined within minor uptrend that appears on the chart, and we believe that it forms bearish flag pattern that supports the chances of continuing the main bearish trend, oil price confirmed breaching 4810 level after closing the daily candlestick above it, to activate the bullish trend scenario on the intraday and short term basis. MCX Copper price facing negative pressures, we notice its slow fluctuation below the initial resistance 430, any attempt to breach the current resistance and getting positive close will confirm postponing the negative attack.

Fundamental News

On Tuesday Gold prices slipped while the U.S. dollar was also slightly weakened against the yen ahead of a monetary policy decision from the Bank of Japan. On Tuesday crude Oil prices edged lower as Organization of the Petroleum Exporting Countries (OPEC) production reached a fresh 2018 high in the month of July, reports revealed.

GOLD

Gold showed sideways to bearish movement and found the major support level of 29713. Now if price sustains on lower level then it will test next support level of 29512. On other side 29939 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 38000. Now if price sustains on lower level then it will test next support level of 37873. On other side 38437 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4701. Now if price sustains on lower level then it will test next support level of 4667. On other side 4815 will be major resistance level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 431. Now if price sustains on higher level then it will test next resistance level of 438.70. On other side 421.55 will be major support level.

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