Best MCX Trading Tips For Investors

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Market Outlook

MCX Gold price returns to fluctuate around the 30500 level, and the price still within the minor bearish channel, keeping its stability below the key resistance 30550, which keeps the bearish trend scenario active until now, Oil price confirmed breaking 4920 level after closing the daily candlestick below it, which activates the bearish trend scenario on the intraday and short term basis. MCX Copper price formed intraday positive rebound, affected by the contradiction of the major indicators, to keep our bearish overview to repeat the pressure on 418. To end the positive pressures and increase the chances of gathering the required negative momentum to resume the bearish attack.

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Fundamental News

On Friday Gold prices rose morning in Asia as the U.S. dollar slipped against Japanese yen amid fears that Washington would turn its attention on trade issues with Tokyo, after it slapped 25% tariffs on Chinese products in late August and with the potential of further tariffs hanging in the balance.

On Friday Crude Oil prices were flat, as U.S. crude inventories fell to their lowest levels since 2015 and trade tensions with China increased.

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GOLD

Gold showed sideways to bearish movement and found the major support level of 30385. Now if price sustains on lower level then it will test next support level of 30219. On other side 30544 will be major resistance level.

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SILVER

Silver showed sideways to bearish movement and found the major support level of 36908. Now if price sustains on lower level then it will test next support level of 36641. On other side 37380 will be major resistance level.

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CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4808. Now if price sustains on lower level then it will test next support level of 4734. On other side 4898 will be major resistance level.

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COPPER

Copper showed sideways to bearish movement and found the major support level of 418.90. Now if price sustains on lower level then it will test next support level of 415.55. On other side 426.50 will be major resistance level.

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