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Pick Effective Upcoming MCX Data

Market Outlook

MCX Gold price opens this week by clear decline to move below 31100, after ending of last week below it too, which reactivate the bearish correction scenario on the intraday basis, waiting to target 30500 level as a first main station. MCX oil price declined strongly this morning to reach the thresholds of our waited target at 4420 and rebounds bullishly towards the key resistance 4620, to keep the bearish trend valid for the upcoming period. MCX copper price hinted its surrender to the sideways range domination by fluctuating around the 460 level, any attempt to decline below the main support and getting negative close move to form strong negative trades by moving towards 2.9500.

Fundamental News

Precious metal prices were lower for the second consecutive session on Monday, falling further below the 31100 level amid waning safe haven demand on the back of easing geopolitical tensions. Russia are considering lifting production to meet the shortfall in supply from Iran and Venezuela and Crude prices slumped further on Monday, hitting their lowest levels in around six weeks amid indications OPEC.

GOLD

Gold showed sideways to bearish movement and found the major support level of 30888. Now if price sustains on lower level then it will test next support level of 30851. On other side 31150 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 39820. Now if price sustains on lower level then it will test next support level of 39604. On other side 40203 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4465. Now if price sustains on lower level then it will test next support level of 4400. On other side 4560 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 453.40. Now if price sustains on lower level then it will test next support level of 449.35. On other side 462.20 will be major resistance level.

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