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Make Profit In Commodity Market With Mcx Tips

Market Outlook

MCX Gold traded in a very narrow range for most part of the session and traded below the previous close. Immediate resistance is seen near 38000 and any closing above which can result in some correction on higher side. Bears if continues, then it may fall towards the near support of 37500. MCX Crude oil continued the selling pressure of the previous session and surpassed the 4000 mark. It is expected to take support near 3900. MCX Copper opened on a positive note and continued the bulls for the session towards the near resistance of 456. If the metal is able to sustain above this resistance, then it may move towards 460 whereas 450 is still marked as important support.

Fundamental News

Gold rose on Thursday, supported by lingering concerns for global growth, although an uptick in financial markets on hopes of a thaw in U.S.-China trade tensions kept its gains in check.

Oil prices erased earlier gains on Thursday, as the International Energy Agency (IEA) pointed to the “daunting” task of balancing the market next year amid surging U.S. supply and no movement towards deeper output cuts by OPEC and its allies.

GOLD

Gold showed bearish movement and found the major support level of 37720. Now if price sustains on lower level then it will test next support level of 37500. On other side 38300 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 47000. Now if price sustains on lower level then it will test next support level of 46500. On other side 48200 will be major resistance level.

CRUDE

Crude oil showed bearish movement and found the major support level of 3826. Now if price sustains on higher level then it will test next resistance level of 4050. On other side 3800 will be major support level.

COPPER

Copper showed bearish movement and found the major support level of 445.20. Now if price sustains on higher level then it will test next resistance level of 440. On other side 455 will be major support level.

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