Daily Trending Tips For Mcx Market

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Market Outlook

Mcx Gold price shows sideways trading since morning, settling around 30250 level, we will continue to suggest the bearish trend for today conditioned by the price stability below 30550, oil price hovers around 4910 level since morning, which represents the first resistance barrier that keeps the bearish trend scenario valid on the intraday basis, Mcx Copper price was affected by the stability of 50% correction as we expected, to form an intraday obstacle against the negative attempts, forcing the price to form some intraday sideways waves by consolidating around 425.

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Fundamental News

On Thursday gold prices were little changed as the dollar firmed against its peers after an expectation-beating inflation report reaffirmed expectations that the Federal Reserve would hike interest rates two more times this year. Crude Oil prices rebound on Thursday, with Brent crude gaining more than $1 after its biggest one-day drop in two years in the previous session.

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GOLD

Gold showed sideways to bearish movement and found the major support level of 30100. Now if price sustains on lower level then it will test next support level of 30000. On other side 30290 will be major resistance level.

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SILVER

Silver showed sideways to bearish movement and found the major support level of 39125. Now if price sustains on lower level then it will test next support level of 38970. On other side 39430 will be major resistance level.

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CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4737. Now if price sustains on lower level then it will test next support level of 4627. On other side 4894 will be major resistance level.

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COPPER

Copper showed sideways to bearish movement and found the major support level of 420. Now if price sustains on lower level then it will test next support level of 416. On other side 425.80 will be major resistance level.

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