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Daily Trading News on MCX Market

Market Outlook

MCX Gold price hovers around the minor resistance that appears on the chart, and since the price is stable below 31250, we will continue to suggest the bearish trend for the upcoming period, Oil price opens today’s trading with bullish bias the continuation of our bullish overview in the upcoming sessions, Copper price without any change until this moment by its stability above the bullish channel’s support at 460 level, therefore, we will keep preferring our bullish suggestion by the price rally above the 469 level, the attempt of breaking the current support and providing negative close, so that will confirm its surrender to the bearish bias domination.

Fundamental News

Bullions Gold prices fell on Monday as U.S. Treasury Secretary Steven Mnuchin said on Sunday that a trade war between China and the U.S. is now on hold. Chinese and American negotiators set up a framework to address the trade imbalances. The dollar picked up as China and the U.S. agreed to halt imposing punitive import tariffs. Crude Oil prices were higher on Monday as the U.S. and China has put their trade war “on hold” to discuss a trade agreement. Both Brent and WTI were near their highest levels since November 2014.

GOLD

Gold prices open lower today and made a low of 30912 but recover on later half of the day. Now if price sustains on higher levels then it can test resistance level of 31110 and 31160. On other side 30851 will be major support level.

SILVER

Silver prices open lower today and made a low of 39890 but recover on later half of the day. Now if price sustains on higher levels then it can test resistance level of 40410 and 40531. On other side 39750 will be major support level.

CRUDE

Crude oil price opens higher shows some consolidation but overall remain bullish on charts. Now if it sustains on higher level than it can test resistance levels are 4925 and 4960. On the other side 4852 is support level.

COPPER

Copper showed in bullish trend and it will found new resistance level of 471.10. Now if it will close above the important resistance level of 471.10 then 472 will act as next resistance level. On the other hand 463.10 is stong support level.

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