Get Online Commodity Mcx Trading Tips

Market Outlook

MCX Gold price has faced selling pressure from higher levels during Monday’s session. MACD has given negative crossover on the hourly chart, which also indicates the downside move in the prices.Gold looking bearish with a potential to reach 40,400. On Crude oil price trades recovers after hitting 13 months’ low on corona virus fear.Crude oil prices is trading below its 20-day moving average. It is looking bearish with a potential to reach 3,510. MCX copper price is trading below its Parabolic SAR, which indicates short term trend, remains negative. It is looking bearish with a potential to reach 415.

Fundamental News

Oil prices fell on Monday to their lowest in more than a year, dragged down by worries about lower demand in top crude importer China after a new coronavirus outbreak spread from there to around 20 other countries.

Prices of the safe-haven gold fell on Monday in Asia despite the plunge in the Chinese stock markets. The fall in prices came even after China’s Shanghai Composite and the Shenzhen Component plunged more than 8% earlier in the day, after the country’s National health Commission confirmed the death toll from the new virus rose to 361 as of Monday

GOLD

Gold showed bearish movement and major support around level of 40582. Now if price maintains on higher level then it will test next resistance level of 41200. On other side 40200 will be major support level.

SILVER

Silver showed bearish movement and major support around level of 45755. Now if price maintains on higher level then it will test next resistance level of 47000. On other side 45200 will be major support level.

CRUDE

Crude oil showed bearish movement and major support level of 3572. Now if price sustains on lower level then it will test next support level of 3500. On other side 3750 will be major resistance level.

COPPER

Copper showed bearish movement and found major support around level of 420.60. Now if price sustain on lower level then next support level will be 415. And 426 will be major resistance level.

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