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Daily Mcx Market Tips For Beginners

Market Outlook

MCX Gold price opened with positive bias and showed sideways to bullish direction. For upcoming trading session, if price sustains below 34000 then we expect more correction towards next support level of 33700. MCX Crude oil showed strong bearish movement and test its important support level of 3950 and if price trades above 4000 in upcoming period then we will continue to suggesting bullish trend up to next intraday resistance level of 4050. MCX Copper price took reverse movement from lower levels and showed sideways movement. For upcoming session we will keep bearish overview towards next immediate support level of 408.

Fundamental News

Gold climbed on Monday as the dollar sagged, with bullion prices hemmed near a six-year high scaled in the previous session as tensions between the United States and Iran fuelled safe-haven buying.

Russia is sticking to its wait-and-see approach on the future of the OPEC+ deal, while its neighbors Kazakhstan and Azerbaijan favor an extension of oil-production cuts due to expire this month.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 34500. Now if price sustains on higher level then it will test next resistance level of 34650. On other side 34200 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 38200. Now if price sustains on higher level then it will test next resistance level of 38500. On other side 37900 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 3930. Now if price sustains on lower level then it will test next support level of 3850. On other side 4065 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 412. Now if price sustains on lower level then it will test next support level of 408. On other side 418 will be major resistance level.

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