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Online Commodity Mcx Tips For Traders

Market Outlook

 MCX Gold opened on a gap up note above 40000 mark but showed strong bears from higher levels and traded below the immediate support of 39900. It may drag towards the next support of 39700 if it holds below 39900. On higher side, resistance is seen in range of 40000-40100. MCX Crude opened gap down and remained at lower levels. If it sustains below the immediate support of 4100 then it may fall towards the next support of 4050 whereas 4200 may continue to act as major resistance. MCX Copper opened gap down and found support near 450 sustaining below which may further weaken the metal while 455 may act as immediate resistance.

Fundamental News

Gold fell on Tuesday, easing off a two-week peak, as the dollar steadied near a one-month high, although fears of the economic fallout from the corona virus in China dulled risk sentiment and kept prices supported above the $1,500 an ounce level.

Oil prices eased on Tuesday as investors appeared to shrug off earlier supply concerns following a force majeure declared by Libya on two major oilfields amid a military blockade. Brent crude was trading down 30 cents, or 0.5%, at $64.90 per barrel after rising to their highest in more than a week on Monday.

GOLD

Gold showed bullish movement and major resistance around level of 40176. Now if price maintains on higher level then it will test next resistance level of 40300. On other side 39500 will be major support level.

SILVER

Silver showed bearish movement and major support around level of 45734. Now if price maintains on higher level then it will test next resistance level of 47000. On other side 45500 will be major support level.

CRUDE

Crude oil showed bullish movement and major resistance level of 4180. Now if price sustains on lower level then it will test next support level of 4100. On other side 4250 will be major resistance level.

COPPER

Copper showed sideways movement and found major support around level of 450.20. Now if price sustain on lower level then next support level will be 450. And 458 will be major resistance level.

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