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Essential Data to Trade MCX Market Tips 06Th Aug.

 Market Outlook

MCX Precious metal price bounced upwards clearly after touching our first waited target at 29550, to retest the previously broken support line of the minor bullish channel, oil price continues to decline to test 4700 level, while the price still inside the sideways range that its lines represented by 4590 support and 4820 resistance, waiting to breach one of these levels to detect the next targets clearly. MCX Copper price touched the initial support at 413 yesterday, the continuous negative pressures on the price our expectations to attempt to record new targets by reaching 406.

Fundamental News

 

On Friday Gold prices were higher after disappointing jobs data pushed the U.S. dollar lower.

On Friday crude oil prices settled lower, as concerns about global demand growth in the wake of escalating U.S.-China trade tensions kept a lid on gains overshadowing data showing the number of U.S. rigs drilling for oil fell.

Gold showed sideways to bullish movement and found the major resistance level of 29760. Now if price sustains on higher level then it will test next resistance level of 29894. On other side 29528 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 38285. Now if price sustains on higher level then it will test next resistance level of 38437. On other side 37736 will be major support level.

Crude oil showed sideways to bearish movement and found the major support level of 4653. Now if price sustains on lower level then it will test next support level of 4592. On other side 4764 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 422.40. Now if price sustains on higher level then it will test next resistance level of 426.70. On other side 413.25 will be major support level.

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