Favorable MCX Trading Strategies and Updates

Market Outlook

MCX Gold price jumped on Monday and trades above 32000 and for upcoming period it will continue with bullish trend as well as test important resistance level of 32300 and after that this momentum can find next immediate resistance of 32500. MCX Crude oil still followed its upward trend, now for next session bullish trend will remain active up to next resistance of 4500 and if price takes some correction from lower levels then it can test correctional level of 4350. MCX Copper showed some bull run and test 450 levels and if price manages above 455 in next trading session then 460 will act as a next intraday resistance level as well as we will keep bullish overview.

Fundamental News

Gold prices rose to a more-than-one-week peak on Monday as the dollar slipped after data showed U.S. wage growth slowed last month, while investors waited minutes of the U.S. Federal Reserve’s March meeting later this week.

Oil prices rose to their highest level since November 2018 on Monday, driven by OPEC supply cuts, U.S. sanctions against Iran and Venezuela and fighting in Libya as well as strong U.S. jobs data.

Gold showed sideways to bullish movement and found the major resistance level of 32300. Now if price sustains on higher level then it will test next resistance level of 32450. On other side 31900 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 38150. Now if price sustains on higher level then it will test next resistance level of 38500. On other side 37650 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4490. Now if price sustains on higher level then it will test next resistance level of 4550. On other side 4380 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 453. Now if price sustains on lower level then it will test next support level of 458. On other side 444 will be major resistance level.

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