Daily Mcx Trading Tips & Strategies

Market Outlook

MCX Gold price fell from higher levels after bullish movement. For upcoming session, if price trades below 34000 then this will push for more correction as well as price will find next immediate support level at 33800 and after that bearish scenario will active. MCX Crude oil price rose on Wednesday and it may continue with bullish movement in upcoming trading session up to next resistance level of 4200 and lower side it has major support level at 4050. MCX Copper price was quite volatile. For upcoming period if price maintains above 421 then again we expect some bullish movement up to next intraday resistance level at 430.

Fundamental News

Gold prices slipped more than 1% on Wednesday, moving away from a six-year peak hit on the previous day, as U.S. Federal Reserve officials played down expectations of aggressive rate cuts, while investors locked in profits following a strong rally.

Oil prices rose on Wednesday, buoyed by an outage at a major refinery on the U.S. East Coast and industry data that showed U.S. crude stockpiles fell more than expected.

Gold showed sideways to bearish movement and found the major support level of 34150. Now if price sustains on lower level then it will test next support level of 34000. On other side 34550 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 37600. Now if price sustains on lower level then it will test next support level of 37300. On other side 38000 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4180. Now if price sustains on lower level then it will test next support level of 4250. On other side 4020 will be major resistance level.

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 408. On other side 421 will be major resistance level.

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