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Intraday Mcx Trading Tips & Updates

Market Outlook

MCX Gold has formed a small green candle on the daily chart a, which means that the strength may continue. On the lower end, support is visible at 40500/40300. On the higher end, price has resistance at 40700/40900. MCX Crude prices retrieved from immediate support mark and settled with bullish bias. One can expect upside movement if it crosses immediate resistance mark of 3705 and immediate support mark of 3615. MCX Copper prices traded in range bound and traded above 8 days EMA which indicates bullish view. One can expect upside movement if it crosses immediate movement if it crosses immediate resistance mark of 437 and immediate support mark is 432.

Fundamental News

Oil prices were mixed on Thursday as concerns about falling demand caused by travel restrictions tied to the coronavirus outbreak in China, the world’s biggest oil importer, outweighed expectations of supply cuts from major producers. Gold prices rose on Thursday in Asia after China reported a sharp jump in the death toll and confirmed cases from the coronavirus. Hubei, the province at the center of the epidemic, said it is using a new method of diagnosis and reported an additional 242 deaths and 14,840 new cases of coronavirus today, a 45% increase from the previous day.

GOLD

Gold showed bullish movement and major resistance around level of 40800. Now if price maintains on higher level then it will test next resistance level of 41100. On other side 40300 will be major support level.

SILVER

Silver showed bullish movement and major resistance around level of 46000. Now if price maintains on higher level then it will test next resistance level of 46500. On other side 45400 will be major support level.

CRUDE

Crude oil showed bullish movement and major resistance level of 3694. Now if price sustains on lower level then it will test next support level of 3600. On other side 3750 will be major resistance level.

COPPER

Copper showed bullish movement and found major resistance around level of 435.55. Now if price sustain on lower level then next support level will be 430. And 440 will be major resistance level.

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