Advanced Mcx Tips With Higher Accuracy 6th May

Market Outlook

MCX Gold correct from lower levels on Friday after unchanged US interest rate data trading day session and test major resistance level of 31475 and if price sustains below 31380 level in upcoming session then we will keep bearish overview towards next strong support i.e. 31200 levels. MCX Crude oil was on correction mode after continues its bearishness for whole week, if its trades below 4250 in next trading session then bearish bias will remain active as well as it can test next support of 4150. MCX Copper was also showed correction on higher side after sharp fall. For upcoming period, if price sustain below 432 then this bearish momentum can test next support of 425 and higher side it has immediate resistance at 436.

Fundamental News

Pullback in the dollar and as some investors covered their short positions. Gold was headed for its biggest daily rise in two months on Friday, clawing away from a four-month low hit in the previous session.

Crude oil dipped 1.17 percent to $62.15/bbl over the last 5 trading days, inking back-to-back weekly losses for the commodity. Thursday’s session which stated US crude stockpiles skyrocketed 9.9m/bbl to their highest level since September 2017.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31500. Now if price sustains on higher level then it will test next resistance level of 31650. On other side 31240 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 37500. Now if price sustains on higher level then it will test next resistance level of 37800. On other side 36600 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4350. Now if price sustains on higher level then it will test next resistance level of 4430. On other side 4230 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 436. Now if price sustains on higher level then it will test next resistance level of 440. On other side 428 will be major support level.

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