Daily Mcx Trading Tips For Traders

Market Outlook

MCX Gold price took quick recovery from lower to higher side after sharp downfall and we will continue to suggesting bullish trend for upcoming session up to next resistance level of 38300 and after that 38500 will act as next resistance level. MCX Crude oil also took recovery from lower to higher side on Friday. For upcoming trading session, if price maintains above 3900 levels then it may give more upward side movement up to next resistance level of 4000. MCX Copper continues with its bull run and we will still keep bullish overview for next week, if price trades above 450 levels and if price takes correction from higher side then 435 will be next support level.

Fundamental News

Gold was on course for its biggest weekly gain in more than three years on Friday as it held above $1,500 an ounce on heightened trade tensions between Washington and Beijing.

Oil prices inched higher on Friday supported by expectations of more OPEC production cuts despite the International Energy Agency (IEA) reporting demand growth at its lowest level since the financial crisis of 2008.

Gold showed sideways to bearish movement and found the major support level of 37815. Now if price sustains on lower level then it will test next support level of 37700. On other side 38300 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 42700. Now if price sustains on lower level then it will test next support level of 42400. On other side 43800 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3894. Now if price sustains on higher level then it will test next resistance level of 4000. On other side 3750 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 446.80. Now if price sustains on higher level then it will test next resistance level of 452. On other side 440 will be major support level.

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