Effective Trading Tips Of Mcx Market

 

Market Outlook

MCX Gold opened on a lower note than previous session but it bounced after it surpassed the important resistance of 37900. If the bullion managed to sustain above 38000 then next resistance so seen ahead is of 38400 whereas 37700 will now become the major support for it. MCX Crude opened higher than previous close and rebounded from deeper supports. Now, on higher levels, 4100 is seen as strong resistance whereas 3950 may act as strong support from current levels. MCX Copper is trading at lower levels since last few sessions and surpassed 430 mark.Now, further weaking may result in support in the range 428-425 while 435 is seen as major resistance.

Fundamental News

India’s gold imports in November jumped 78% from a month earlier to the highest level in five months as jewellers in the world’s second-biggest market for the metal restocked after a fall in prices, a government source said on Tuesday.

Oil prices gained on Tuesday, as hopes rose for OPEC and its allies to agree deeper output cuts when they meet this week, although gains were limited, amid some analysts’ scepticism over the achievement of further reductions.

   

 GOLD

Gold showed bullish movement and major support around level of 37700. Now if price sustains on higher level then it will test next resistance level of 38500. On other side 37500 will be major support level.

SILVER

Silver showed bullish movement and major support around level of 44800. Now if price sustains on higher level then it will test next resistance level of 45700. On other side 44500 will be major support level.

CRUDE

Crude oil showed bearish movement and major support level of 4000. Now if price sustains on lower level then it will test next support level of 3900. On other side 4100 will be major resistance level.

COPPER

Copper showed bearish movement and found major resistance around level of 433. Now if price sustain on lower level then next support level will be 425. And 437 will be major resistance level.

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