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Online Mcx Trading Tips By Research Expert

Market Outlook

MCX Gold fell from higher levels on Thursday and also broke its immediate support level of 34200 and if price trades below 34000 in upcoming session then again bearish scenario will active towards next support level of 33800. MCX Crude oil was quite volatile and we will keep bearish overview, if price sustains below 3850 in upcoming trading session and after that 3800 will act as a next important support level. MCX Copper showed sideways movement but it still has a downward trend on daily basis and if price breaches 435 in next period then 430 will act as a next intraday support as well as it gives more downside movement.

Fundamental News

Gold prices edged lower on Thursday due to an uptick in the stock markets, while investors sought direction from upcoming U.S. non-farm payrolls data for more cues on Federal Reserve’s stance on rate cuts.

Oil prices fell on Thursday, weighed down by data showing a smaller-than-expected draw on U.S. crude stockpiles and worries about the global economy.

Gold showed sideways to bearish movement and found the major support level of 34100. Now if price sustains on lower level then it will test next support level of 33950. On other side 34350 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 37700. Now if price sustains on lower level then it will test next support level of 37400. On other side 38100 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 3870. Now if price sustains on lower level then it will test next support level of 3800. On other side 3950 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 437. Now if price sustains on lower level then it will test next support level of 432. On other side 443 will be major resistance level.

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