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Essential Data in One Place Of Mcx Market

     

Market Outlook

MCX Gold price, has rallied the most in the recent time and added almost 1500 points over the day.On the lower end, support is visible at 43300/43140. On the higher end, price has resistance at 43600/43780. MCX Crude has moved above previous swing high on the hourly chart, which indicates a bullish reversal in the price trend. On the lower end, price has support at 3390/3340 in the near term. On the higher end resistance is visible at 3520/3570.MCX Copper moved above previous session high but failed to absorb the selling pressure at the higher level, which led to closing 6 points off the high. On the lower end, support seen at 423/421, while on the higher end, resistance seen at 428/430.

Fundamental News

Oil prices extended gains on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that OPEC will order deeper output cuts this week.

 

Gold prices traded slightly higher on Tuesday in Asia following reports of potential monetary policy easing by major central banks. Central banks including the U.S. Fed, European Central Bank, Bank of Japan and Bank of England have hinted at action in recent days.

GOLD

Gold showed bullish movement, found major resistance around level of 43350. Now if price maintains on higher level then it will test next resistance level of 44000. On other side 42500 will be major support level.

SILVER

Silver showed bullish movement and major resistance around level of 46850. Now if price sustains below 45500 levels then it will test support level of 45000. On other side 47000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and major support level of 3438. Now if price sustains on lower level then next support level is 3300. On other side 3600 will be major resistance level.

COPPER

Copper showed bearish movement and found major support around level of 422.40. Now if price sustain on lower level then next support level will be 415. And 430 will be major resistance level.

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