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MCX Trading Tips – An Introduction

Market Outlook

Gold prices retreated from their highest level in around two months on Monday, as geopolitical concerns eased after senior U.S. officials sought to play down risks of a military conflict with North Korea. Oil prices fell on Monday as a slowdown in Chinese refining raised concerns about demand in the world’s second-biggest consumer, while an increase in U.S. drilling capacity could deepen a global supply glut. Base metals are likely to trade slightly higher once disappointing Chinese data is digested by the market. Although the geopolitical climate remains tense, base metals are likely to continue to benefit from a positive sentiment.

Fundamental News
The yellow metal notched a third-straight day of gains on Friday, capping its strongest weekly rise since April, as simmering North Korean tensions buoyed haven demand for precious metals.
Oil investors were also cautious after U.S. drilling rig data published by Baker Hughes on Friday showed explorers increased oil drilling capacity for the second time in three weeks, extending a 15-month recovery in drilling.

Gold showed bearish movement and found the important support level of 29023. Now if it will close below the important support level of 29000 then 28800 will act as next support level. On the other hand 29300 will act as a major resistance level.

Silver showed sideways to bullish movement and found the important resistance level of 39328 Now if it will close above the important resistance level of 39520 then 40000 will act as next resistance level. On the other hand 38500 will act as a major support level.

Crude showed bearish movement and found the important support level of 3079. Now if it will close below the important support level of 3050 then 3000 will act as next support level. On the other hand 3235 will act as a major resistance level.

Copper showed bearish movement and found the important support level of 409. Now if it will close below the important support level of 407 then 400 will act as next support level. On the other hand 415 will act as a major resistance level.

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