Genuine MCX Trading Tips 23rd July

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Market Outlook

MCX Gold today takes some recovery from lower levels after downfall and in upcoming trading session if it breaks 30000 then we expect more upside movement otherwise our bearish overview remain active. MCX Crude oil quite volatile today due to expiry but we will continue to suggest bearish trend for the upcoming period. MCX Copper takes quick recovery after downward movement but over all trends is still bearish for upcoming trading session and it may test its major support level of 400.

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Fundamental News

Gold prices were higher as the dollar goes sharply lower after U.S President said higher interest rates and the strength of the greenback were hampering economic growth.

Crude prices remained on track for sharp weekly declines in midmorning trade on Friday, despite hopes that Saudi Arabia was determined not to flood markets with exports, as traders looked ahead to the latest weekly data on U.S. production.

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GOLD

Gold showed sideways to bullish movement and found the major resistance level of 29960. Now if price sustains on higher level then it will test next resistance level of 30054. On other side 29733 will be major support level.

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SILVER

Silver showed sideways to bullish movement and found the major resistance level of 38556. Now if price sustains on higher level then it will test next resistance level of 38833. On other side 38036 will be major support level.

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CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4756. Now if price sustains on higher level then it will test next resistance level of 4830. On other side 4666 will be major support level.

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COPPER

Copper showed sideways to bullish movement and found the major resistance level of 421.50. Now if price sustains on higher level then it will test next resistance level of 425.80. On other side 414.65 will be major support level.

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