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Profitable Mcx Trading Tips For Traders

Market Outlook

MCX Gold price showed sideways movement on Thursday and we expect some correction from higher to lower side, if price sustains below 34800 in upcoming session and after that 34500 will act as a psychological support level. MCX Crude oil price continue with downward trend and we will still keep bearish overview for next period towards next immediate support level of 3800 and higher side it has major resistance level at 4000. MCX Copper price fell from higher levels and it may give more downside movement in upcoming trading session, if price breaches its strong support level of 450 and after that 445 will act as a next immediate support level.

Fundamental News

Gold prices fell in early Asian trade on Tuesday as the dollar rose to a near one-week high on expectation of a smaller interest rate cut by the U.S. Federal Reserve at the end of this month.

Oil edged further above $63 a barrel on Tuesday, supported by rising tensions in the Middle East after Iran’s seizure of a British tanker last week, although signs of faltering demand capped gains.

Gold showed sideways to bearish movement and found the major support level of 34850. Now if price sustains on lower level then it will test next support level of 34700. On other side 35150 will be major resistance level.

Silver showed sideways to bullish movement and found the major resistance level of 41600. Now if price sustains on higher level then it will test next resistance level of 41900. On other side 40800 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3930. Now if price sustains on higher level then it will test next resistance level of 4000. On other side 3830 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 450. Now if price sustains on lower level then it will test next support level of 445. On other side 456 will be major resistance level.

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