Daily Prediction of MCX Market

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Market Outlook

MCX Gold price trades positively now to test the broken support of the bearish channel,  the price needs to settle below 30500 level to guarantee the expected decline for the rest of the day, where breaching it will push the price to visit 30650 level directly. Oil price keeps providing positive trading to approach from 5200 barrel, reinforcing the expectations for managing more of the gains on the intraday and short term basis. MCX Copper price provided new negative trades to record 447 as appears on the chart, as copper price continuous stability above 450.50 level its confirm its price within positive trades.

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Fundamental News

The U.S. is set to impose 25% tariffs on $34 billion worth of Chinese goods on Friday.Precious metal prices slipped on Tuesday despite rising fears over trade tensions between the U.S. and other major economies. Crude Oil prices rose on Tuesday amid reports that Libya declared force majeure on significant amounts of its supply.

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GOLD

Gold showed sideways to bullish movement and found the major resistance level of 30573. Now if price sustains on higher level then it will test next resistance level of 30689. On other side 30244 will be major support level.

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SILVER

Silver showed sideways to bullish movement and found the major resistance level of 39815. Now if price sustains on higher level then it will test next resistance level of 40000. On other side 39269 will be major support level.

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CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4995. Now if price sustains on lower level then it will test next support level of 4900. On other side 5173 will be major resistance level.

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COPPER

Copper showed sideways to bearish movement and found the major support level of 444.40. Now if price sustains on lower level then it will test next support level of 441.50. On other side 453.20 will be major resistance level.

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