Commodity Market Trend | Mcx Trading Tips

Market Outlook

MCX Gold price was quite volatile on Wednesday and if price trades below 31350 in upcoming session then we will keep bearish overview towards next support of 31150 and if it takes recovery from lower to higher side then it can find immediate resistance of 31600. MCX Crude oil showed downside movement but still it has not clearified its major trend. For upcoming period if it trades below 4300 then this momentum can find next major support of 4200. MCX Copper resumes the decline and also broke its support of 420 and for next session bearish bias will remain active and price can find next support level of 410.

Fundamental News

Gold edged lower on Wednesday to hover near a two-week low, as a stronger dollar and signs of easing Sino-U.S. friction dented demand for bullion ahead of the minutes from U.S. Federal Reserve’s latest meeting.

Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and on demand concerns linked to a protracted trade war between China and the United States.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31550. Now if price sustains on higher level then it will test next resistance level of 31700. On other side 31350 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 36450. Now if price sustains on higher level then it will test next resistance level of 36750. On other side 36200 will be major support level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4260. Now if price sustains on lower level then it will test next support level of 4200. On other side 4400 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 413. Now if price sustains on lower level then it will test next support level of 409. On other side 421 will be major resistance level.

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