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High Probability MCX Trading Tip Strategy

Market Outlook

MCX Gold bullish in morning session but in evening drag down towards new low which indicate more bearish has to come in upcominig trading day, if price sustains below 31600 level in upcoming session then we will keep bearish overview towards next strong support i.e. 31400 levels. MCX Crude oil was on bearish trend on last trading session from higher levels but not sustains on lower level and jump towards resistance level of 4350, if its trades below 4230 in next trading session then bearish bias will remain active. MCX Copper was also showed sharp downfall from higher levels. For upcoming period, if price sustain below 428 then this bearish momentum can test next support of 422 and higher side it has immediate resistance at 436.

Fundamental News

Gold prices slipped after climbing to a more than three week peak on Wednesday as safe haven demand eased after the White House said it had received an indication from China that it wanted to make a trade deal, easing fears over the dispute’s potential impact on global growth.

Saudi Arabia indicated it would meet oil demand of Iran’s traditional crude buyers through additional exports. Fewer than ten Nigerian cargoes remain for May loading and about half of the Nigerian cargoes for June loading also remain, traders said.

GOLD

Gold showed sideways to bearish movement and found the major support level of 31650. Now if price sustains on lower level then it will test next support level of 31500. On other side 31950 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 37300. Now if price sustains on lower level then it will test next support level of 37000. On other side 37700 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4350. Now if price sustains on higher level then it will test next resistance level of 4430. On other side 4250 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 428. Now if price sustains on lower level then it will test next support level of 424. On other side 435 will be major resistance level.

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