Best Strategy For Commodity Trading | Mcx Tips

Market Outlook

MCX Gold opened flat with negative bias and traded in previous day range. It again resisted near 38250 for the last few consecutive sessions and any breakouts above it can lead it to next resistance of 38500 while 37600 is seen as major support. MCX Crude opened with flat note with positive bias and sustain on higher level if it breaks 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 438.

Fundamental News

Gold traders seemed unfazed by Brexit and central bank easing. This likely means they are more concerned about U.S.-China trade relations. Prices are likely to remain range bound until there is a major breakthrough in the negotiations between the two economic powerhouses. Oil slipped below $61 a barrel on Thursday as concern over the demand outlook offset a surprise drop in U.S. crude inventories and the prospect of further action by OPEC and its allies to support the market.

GOLD

Gold showed bullish movement and found major resistance around level of 38340. Now if price sustains on lower level then it will test next support level of 38100. On other side 38600 will be major resistance level.

SILVER

Silver showed bullish movement and found major resistance around level of 46100. Now if price sustains on lower level then it will test next support level of 45500. On other side 46700 will be major resistance level.

CRUDE

Crude oil showed bullish movement and found major resistance around level of 4015. Now if price sustains on higher level then it will test next resistance level of 4100. On other side 3930 will be major support level.

COPPER

Copper showed bearish movement and found major support around level of 444.25. 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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