Beneficial MCX Trading Tips | Commodity Market

Market Outlook

MCX Gold continued the selling pressure of the previous session and dragged below the crucial 40000 mark. Now, if it sustains below this mark for coming sessions in absence of any worries regarding US-Iran conflicts, then it may drop towards the near support of 39500. MCX Crude witnessed intense sell offs from the highs ner 4600 and opened the session near the supports of 4300. If it holds below this important support then it may dip towards the support range of 4150-4100 whereas 4350 is seen as key resistance from current levels. MCX Copper resisted near the cucial resistance of 454. If the metal again again chases 450 mark then it may show certain correction.

Fundamental News

Gold prices edged higher on Thursday as investors preferred to stay put with safe-haven assets even though the chances of an escalation in U.S.-Iran conflict waned after the two sides softened their stance. President Donald Trump said on Wednesday US did not necessarily have to respond militarily to Iran’s attack on U.S. troops in Iraq.

Oil prices climbed on Thursday after a rocket attack on Baghdad triggered fresh concern over the potential for conflict in the Middle East, a day after markets were roiled by an Iranian missile strike on Iraqi bases hosting U.S. forces.

GOLD

Gold showed bearish movement and major support around level of 39600. Now if price maintains on higher level then it will test next resistance level of 40500. On other side 39200 will be major support level.

SILVER

Silver showed bearish movement and major support around level of 46365. Now if price maintains on higher level then it will test next resistance level of 47500. On other side 45500 will be major support level.

CRUDE

Crude oil showed bearish movement and major support level of 4178. Now if price sustains on lower level then it will test next support level of 4100. On other side 4400 will be major resistance level.

COPPER

Copper showed bullish movement and found major resistance around level of 450.25. Now if price sustain on lower level then next support level will be 445. And 455 will be major resistance level.

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