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Study Market Behaviour with Mcx Trading Tips

Market Outlook

MCX Gold price broke 31550 level and closed last week below it, which puts the price under potential negative pressure in the upcoming period and stops the recently suggested positive scenario, oil price’s recent trades are confined within symmetrical triangle’s pattern that appears on the chart, the price needs to break 3610 level to get strong negative motive that supports the expectations of continuing the bearish trend on the intraday and short term basis, There is No news for Copper price as it settles within the positive range until this moment, thus, we will keep suggesting the bullish attempts conditioned by the price stability above 434.

Fundamental News

The present week Gold traders will be focusing on Wednesday’s Federal Reserve monetary policy meeting for its impact on the U.S. dollar, which heavily influences gold’s performance. On Monday morning in Asia Crude Oil prices edged up as the U.S. and Canada slashed its crude drilling rigs in a concerted effort to control output amidst fears over a global oversupply.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31550. Now if price maintains on higher level then it will test next resistancelevel of 31700. On other side 31300 will be major support level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 37900. Now if price sustains on lower level then it will test next support level of 37600. On other side 38300 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 3570. Now if price sustains on lower level then it will test next support level of 3500. On other side 3660 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 434. Now if price sustains on lower level then it will test next support level of 429. On other side 440.50 will be major resistancet level.

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