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Today’s MCX Trading Tips

Market Outlook

MCX Gold opened on a higher note and sustained near highs for the subdued session on intraday charts. It may test the next resistance of 39500 if it holds above the crucial 39000 mark. On lower side, 38700 is now seen as key support from current levels. MCX Crude after choppy trade in the previous session managed to sustain above 4400. If it continues to hold above it, then 4450 may hinder the counter to move ahead whereas 4350 may act as immediate support. MCX Copper showed weak opening and sustained below the major support of 445 below which 440 is seen as next support. Sideways trend is majorly seen in the metal since last few sessions.

 

 

Fundamental News

Gold rose to its highest level in more than three months on Tuesday, capping its best year in nearly a decade, on weakening dollar and year-end buying in thin-volume trading. Bullion is set to post its best year since 2010, having gained nearly 19%, mainly driven by a tariff war between the world’s two largest economies and quantitative easing by major central banks.

Oil prices held steady on the final day of the year on Tuesday, heading for their biggest annual rise since 2016, supported by a thaw in the prolonged U.S.-China trade dispute and supply cuts.

Gold showed bullish movement and major resistance around level of 39270. Now if price maintains on higher level then it will test next resistance level of 39500. On other side 38700 will be major support level.

Silver showed bearish movement and major support around level of 46580. Now if price maintains on higher level then it will test next resistance level of 47500. On other side 46000 will be major support level.

Crude oil showed bearish movement and major support level of 4325. Now if price sustains on lower level then it will test next support level of 4250. On other side 4450 will be major resistance level.

Crude oil showed bearish movement and major support level of 4325. Now if price sustains on lower level then it will test next support level of 4250. On other side 4450 will be major resistance level.

 

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