Expert Analysis & Strategies on MCX Market

Market Outlook

MCX Gold price’s recent trades are confined within bullish pattern, the bullish bias will be suggested in the upcoming sessions taking into consideration that breaking 31550 will stop the expected rise and put the price under negative pressure, Oil oil price settled above 5110, we believe that chances are valid to resume the bearish trend in the upcoming sessions, MCX Copper price succeeded to surpass the moving average 55 to get rid of the correctional bearish bias domination, the positive momentum to allow us to suggest more bullish attempts, to manage to achieve the positive targets at 465.

Fundamental News

On Monday Gold prices settled higher morning in Asia, along with an advance in the U.S. dollar. The increase in gold prices, a safe-haven asset, is likely to be impacted by geopolitical tensions including the Saudi murder of a journalist, Italy’s budget and Brexit uncertainty.

Crude Oil prices gained on Monday as investors remained cautious ahead of the upcoming U.S. sanctions against Iran’s crude exports.

Gold showed sideways to bearish movement and found the major support level of 31800. Now if price sustains on lower level then it will test next support level of 31730. On other side 31905 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38605. Now if price sustains on lower level then it will test next support level of 38415. On other side 38910 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 5135. Now if price sustains on higher level then it will test next resistance level of 5310. On other side 5054 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 460.50. Now if price sustains on higher level then it will test next resistance level of 464.75. On other side 454.10 will be major support level.

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