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Daily Forecast For Bullion Metals Of Mcx Market

 

Market Outlook

MCX Gold price showed strong bullish movement and also broke its psychological resistance level of 39000 on Monday. For upcoming session we will keep bullish overview up to next resistance level of 39500 and after that 39800 will act as a next strong resistance level. MCXC Crude oil took quick recovery from lower levels after downfall and if price manages above 4000 levels in upcoming trading session then again upward scenario will active up to next intraday resistance level of 4050. MCX Copper showed slight positive movement and we expect some more buying pressure in upcoming session up to next resistance level of 450.

Fundamental News

Gold prices erased early gains on Monday, slipping from a six-year high touched during the session, as some of the safe-haven demand waned after the United States and China indicated a possible de-escalation of trade war, that also led to some profit-taking. Oil prices rose on Monday after the United States and China both suggested they could ease up in a trade war that has undermined the outlook for the global economy and crude demand.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 39400. Now if price sustains on higher level then it will test next resistance level of 39600. On other side 38800 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 45400. Now if price sustains on higher level then it will test next resistance level of 45700. On other side 44700 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4000. Now if price sustains on higher level then it will test next resistance level of 4070. On other side 3815 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 446. Now if price sustains on higher level then it will test next resistance level of 450. On other side 437 will be major support level.

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