Analysis Report & Trading Tips of Commodity market | Mcx tips

Market Outlook

MCX Gold price showed slight positive movement on Thursday. For upcoming trading session it may give more bullish movement up to next resistance level of 35300. MCX Crude oil took quick recovery from lower to higher side after yesterday’s downfall but we still keep bearish overview for next session towards next support level of 3800 and higher side it has immediate resistance level at 4000. MCX Copper took reverse movement from its support level and showed bullish movement and for upcoming period, if price trades above 460 then this bullish momentum can find next important resistance level of 465and lower side it has support at 445.

Fundamental News

Gold held steady on Thursday in cautious trading before a European Central Bank meeting where the bank is expected to provide clarity on its stance on monetary policy easing amid tepid economic data from the region.

Oil prices rose on Thursday amid Middle East tensions and a big fall in U.S. crude stocks, but gains were capped as weak Western manufacturing data indicated slowing economic growth and in turn the potential for reduced fuel demand.

Gold showed sideways to bearish movement and found the major support level of 34750. Now if price sustains on lower level then it will test next support level of 34600. On other side 35150 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 41200. Now if price sustains on lower level then it will test next support level of 40900. On other side 41800 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3950. Now if price sustains on higher level then it will test next resistance level of 4030. On other side 3850 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 448. Now if price sustains on lower level then it will test next support level of 444. On other side 456 will be major resistance level.

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