Daily Outlook To Predict Mcx Market Movement

Market Outlook

MCX Gold price showed down side movement and it also broke its major support level of 33650 but suddenly it also took reverse movement from lower to higher side. For upcoming session, if price trades below 33600 then again bearish bias will active towards next support level of 33400. MCX Crude oil showed bullish movement and if price maintains above 4200 in upcoming period then this momentum can find next intraday resistance level at 4250. MCX Copper price was quite volatile and if price trades above 455 in next trading session then we will continue to suggesting bullish trend up to next important resistance level of 460 and lower side it has support at 445.

Fundamental News

Gold prices fell nearly 2% on Monday to their lowest in more than a week as the dollar strengthened and investors opted for riskier assets after the United States and China agreed to restart trade talks. Oil prices were up on Monday as OPEC and its allies looked on track to extend supply cuts until at least the end of 2019 at their meeting in Vienna this week.

GOLD

Gold showed sideways to bearish movement and found the major support level of 33600. Now if price sustains on lower level then it will test next support level of 33450. On other side 34200 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 376000. Now if price sustains on lower level then it will test next support level of 37300. On other side 38100 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4000. Now if price sustains on lower level then it will test next support level of 3920. On other side 4185 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 442. Now if price sustains on lower level then it will test next support level of 437. On other side 454 will be major resistance level.

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