Commodity MCX Trading Tips And News

mcx

Market Outlook:

Gold and silver was range bound and trading activity was low. In coming session market can move higher if the rate hike will be delayed and if rate will be hiked than market can go down. Crude showed bullish movement but not able to hold it. In coming session if crude will break the upper level then buying would be profitable. Base metals were bullish but not able to hold it. Zinc was highly bullish as compare to other base metals and buying zinc would be profitable strategy if the trend continues.

comdex

Fundamental News:

1). Gold rose to its highest in nearly two weeks early on Monday, adding to its biggest one-day gain in nearly three months in the previous session when weak US employment data sharply cut the chance of a near-term US rate hike.

2). Zinc has notched up a new 10-month high after the US dollar tumbled due to weak US jobs data and as bullish speculators kept buying ahead of expected shortages.

gold

Gold showed sideways movement and consolidated around its important resistance level of 29500. Now if it broke this resistance level then 29700 will act as next resistance level. On the other hand 29200 will be major support level.

silver

Silver showed sideways movement in morning session but in the evening session it showed some bearishness. Now if it broke the important resistance level of 39500 then 40000 act as next resistance level. On lower side
39000 will act as important support level.

crude

Crude oil showed sideways movement from last two week. In morning session it was range bound and in evening session, it showed bearish movement and close around its important support level of 3280. On the upper side important resistance is 3350.

copper

Copper showed bullish movement in last trading session and broke the important resistance level of 311, it made a high of 318 and closed around 313. Now if it will close above 318 then next resistance will be seen at 323.

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