Live Mcx Trading Updates Of New Year | Gold Tips

Market Outlook

MCX Gold price settles around 31550 level, and we still waiting for more rise as long as the price is above 31100, as the EMA50 continues to support the price from below, while stochastic begins to lose its negative momentum. Oil price begins today’s trading with slight bullish bias, but it ended last Friday below 3220, to keep the bearish trend scenario active until now, the continuation of rising to breach 3280 will stop the expected decline and lead the price to achieve more gains on the intraday basis, MCX Copper price did not succeed to get rid of the sideways bias domination until this moment, to notice its fluctuation near 424 resistance, thus, we will keep waiting to gather new negative momentum to reinforce the domination of the negativity that targets 412.

Fundamental News

On Monday in Asia Gold prices edged down as U.S. President Donald Trump sent positive signals to ease U.S.-China tensions, undermining the appeal of the safe-haven asset. On Monday morning in Asia Crude Oil prices rose, after hitting the lowest level in 18 months last week. A drop in oil rigs in North America may have pushed up prices.

GOLD

Gold showed sideways to bearish movement and found the major support level of 31355. Now if price sustains on lower level then it will test next support level of 31200. On other side 31455 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 38550. Now if price sustains on lower level then it will test next support level of 38200. On other side 38900 will be major resistance level.

CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 3125. Now if price sustains on lower level then it will test next support level of 3042. On other side 3257 will be major resistance level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 407.90. Now if price sustains on lower level then it will test next support level of 403. On other side 420.40 will be major resistance level.

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