Beneficial Trading Tips For Mcx Market | Commodity Tips

Market Outlook

MCX Gold opened flat with positive bias and traded in previous day range. It again resisted near 38050 and fall from there as well as sustain in lower level if break it test level of 37650 as support. MCX Crude opened gap down with negative bias and sustain on lower level if it sustain above 3900 may see 4000 as resistance. Major support 3750 is seen as the key support for it whereas 4100 is seen as major resistance. MCX Copper opened flat with bullish note and hovering near resistance if it breaks may see 445 as resistance. It is expected to take intraday support around 440.

Fundamental News

Gold prices slipped on Wednesday in Asia as traders awaited the Federal Reserve’s latest rate decision due later in the day. The Fed is expected to cut rates for a third time in a row when it concludes its two-day meeting on Wednesday. Brazil’s oil reserves are bigger than those of several OPEC members, Bolsonaro said. Brazil and OPEC could form “a great partnership” helping each other to stabilize global fossil fuel prices.

GOLD

Gold showed bullish movement and found major resistance around level of 38129. Now if price sustains on lower level then it will test next support level of 37800. On other side 38300 will be major resistance level.

SILVER

Silver showed bullish movement and found major resistance around level of 46384. Now if price sustains on lower level then it will test next support level of 45500. On other side 47000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and found major support around level of 3870. Now if price sustains on higher level then it will test next resistance level of 3950. On other side 3800 will be major support level.

COPPER

Crude oil showed bullish movement and found major resistance around level of 444.80. Now if price sustains on higher level then it will test next resistance level of 447. On other side 441 will be major support level.

  

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