Daily Morning Bulletins of Mcx Market

Market Outlook

MCX Gold price opens with negative bias but suddenly it took reverse movement from lower to higher side and broke its major resistance level of 32800 and if price holds above 33000 then we will keep bullish overview up to next resistance level of 33200. MCX Crude oil price showed some upside movement but still it has major bearish trend and if price trades below 3650 in upcoming session then this bearish movement can take price towards next psychological support level of 3600. MCX Copper price again slipped from upper side and showed downside movement on Friday. For upcoming trading session bearish scenario will remain active towards next major support level of 400.

Fundamental News

Gold prices steadied on Friday, but remained on course for their biggest weekly gain since March 2018, after rising expectations for a U.S. rate cut and concerns over trade tussles boosted demand for safe-haven bullion. Asian spot prices for liquefied natural gas (LNG) fell to a three-year low in thin trading as market players focused on deals for August, when demand is expected to pick up.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 33050. Now if price sustains on higher level then it will test next resistance level of 33150. On other side 32650 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 37600. Now if price sustains on higher level then it will test next resistance level of 37900. On other side 36900 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 3750. Now if price sustains on higher level then it will test next resistance level of 3830. On other side 3580 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 399. Now if price sustains on lower level then it will test next support level of 395. On other side 410 will be major resistance level.

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