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Live Data Analysis of Mcx Market | Commodity Tips

Market Outlook

MCX Gold price begins today’s trading with slight bullish bias that hints the attempt to resume the expected bullish trend on the intraday basis, the bullish trend scenario will remain valid for the upcoming period unless breaking 31500 level and holding below it. Oil price retests the previously broken support of the bearish flag pattern and keeps its stability below it until now; we will continue to suggest the bearish trend in the upcoming sessions unless breaching 3820 level and holding above it, Against MCX Copper price’s slow moves, forming new bullish wave & we will keep waiting to resume the bullish attack to target 452 level.

Fundamental News

On Wednesday morning in Asia Gold prices climbed, despite indications that the Federal Reserve might be more dovish on interest rates. Crude Oil prices rose on Wednesday in Asia following reports of a production loss of 315,000 barrels per day (bpd) from the El Sharara oilfield, which was seized at the weekend by a local militia group.

GOLD

Gold showed sideways to bearish movement and found the major support level of 31750. Now if price sustains on lower level then it will test next support level of 31600. On other side 31850 will be major resistance level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 38577. Now if price sustains on higher level then it will test next resistance level of 38850. On other side 38140 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 3721. Now if price sustains on lower level then it will test next support level of 3656. On other side 3815 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 442.10. Now if price sustains on lower level then it will test next support level of 437.10. On other side 445.80 will be major resistance level.

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