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Profitable Updates For MCX Trading Tips

Market Outlook

MCX Gold price showed slight positive movement on Thursday and if price trades above 33000 levels in upcoming session then again upward scenario will active as well as price can find next important resistance level of 33200. MCX Crude oil took quick recovery from lower to higher side after bearish movement and we expect reversal trend in upcoming period, if price maintains above 3700 levels and after that 3750 will act as a next major resistance level. MCX Copper showed slight negative movement and if price sustains below 404 then this bearish momentum can find next strong support at 400 and upper side it has immediate resistance level at 410.

Fundamental News

Gold prices advanced on Thursday as demand for the safe-haven metal rose on expectations of an interest rate cut by the U.S. Federal Reserve following soft inflation data, and on escalating trade tensions between the world’s top two economies.

Oil prices jumped as much as 4% on Thursday after a suspected attack on two tankers in the Gulf of Oman near Iran and the Strait of Hormuz, through which a fifth of global oil consumption passes.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 33000. Now if price sustains on higher level then it will test next resistance level of 33150. On other side 32700 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 37200. Now if price sustains on higher level then it will test next resistance level of 37500. On other side 36600 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 3740. Now if price sustains on higher level then it will test next resistance level of 3810. On other side 3520 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 412. Now if price sustains on higher level then it will test next resistance level of 417. On other side 403 will be major support level.

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