Best Mcx Trading Tips | Commodity Market

Market Outlook

MCX Gold price showed strong bullish movement as well as also broke its strong resistance level of 36500. For upcoming trading session we will continue to suggesting upward trend up to next resistance level of 37200 and lower side it has immediate support at 36600. MCX Crude oil showed slight positive movement and if price trades above 4000 level in upcoming session then again bullish scenario will active up to next intraday resistance level of 4050. MCX Copper took quick recovery from lower to higher side after downfall and we will keep slight positive movement for next session up to next resistance level of 445.

Fundamental News

Gold prices in India jumped over 2% on Monday to record levels, following gains in overseas markets and as the rupee fell to a five-month low, dampening demand further in the world’s second-biggest consumer of the precious metal.

Oil prices fell on Monday on renewed global economic growth concerns after U.S. President Donald Trump threatened to escalate a trade war with China with more tariffs, which could limit fuel demand in the world’s two biggest crude consumers.

Gold showed sideways to bullish movement and found the major resistance level of 37400. Now if price sustains on higher level then it will test next resistance level of 37600. On other side 36600 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 42700. Now if price sustains on higher level then it will test next resistance level of 43000. On other side 41500 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3970. Now if price sustains on higher level then it will test next resistance level of 4050. On other side 3830 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 439. Now if price sustains on higher level then it will test next resistance level of 444. On other side 431 will be major support level.

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