Intraday Profitable MCX Trading Tips 07-10-19

Market Outlook

MCX Gold opened on a flat note and traded in previous day range. Now, bearish momentum can be witnessed till it maintains below 38400 level and 38700 is seen as near resistance. Any closing below 38000 can again be a signal for trend reversal. MCX Crude continued the bearish movement but it took support near 3600 and sustain above it. 3650 is seen as near support whereas 3800-3840 is seen as resistance range ahead. MCX Copper opened flat note and made bullish reversal on daily chart as well as on intraday charts, it sustained above its nearest support of 431 and closed after breaking near resistance of 435.

Fundamental News

Gold markets rally during the day on Thursday as the ISM Nonmanufacturing announcement missed in the United States which of course has people worried about the global growth situation as the United States is the “final frontier” of stability.

Silver markets went back and forth during the trading session on Thursday, With the ISM nonmanufacturing numbers missing in America, we got a little bit of a burst higher, but shortly thereafter we calmed down.

Gold showed bearish movement and found major support around level of 38100. Now if price sustains on lower level then it will test next support level of 37900. On other side 38650 will be major resistance level.

Silver showed bearish movement and found major support around level of 44700. Now if price sustains on lower level then it will test next support level of 43900. On other side 46000 will be major resistance level.

Crude oil showed bullish movement and found major resistance around level of 3800. Now if price sustains on higher level then it will test next resistance level of 3870. On other side 3620 will be major support level.

Copper showed bullish movement and found major resistance around level of 439. Now, if price sustains on higher level then it will test next resistance level of 444.50. On other side 431 will be major support level.

       

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