Make Higher Profit with Commodity Trading Tips

Market Outlook

MCX Gold price, on the daily chart has formed a bearish candle backed by decent volume on the daily frame.On the lower end, support is visible at 42300/42240. On the higher end, price has resistance at 42500/42650. MCX Crude, has fallen below previous swing low and so far sustained below it.On the lower end, price has support at 3300/3240 in the near term. On the higher end, resistance is visible at 3450/3520. MCX Copper has slipped below previous swing low, which has a bearish significance.On the lower end, support seen at 418/414, whereas on the higher end resistance is seen at 421/425.

Fundamental News

Oil prices fell for a fifth day on Thursday to their lowest since January 2019 as a growing number of new coronavirus cases outside of China fuelled fears of a pandemic which could slow the global economy and lower crude demand.

Gold prices rose again on Thursday in Asia after the U.S. confirmed the first possible “community spread” of the coronavirus in thecountry.The yellow metal is trading near a seven-year high and has outperformed other traditional haven assets, such as the Japanese yen and Swiss franch.

GOLD

Gold showed bearish movement, found major support around level of 42371. Now if price maintains on higher level then it will test next resistance level of 43000. On other side 42000 will be major support level.

SILVER

Silver showed bearish movement and major support around level of 46100. Now if price sustains below 46000 levels then it will test support level of 45500. On other side 47000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and major support level of 3305. Now if price sustains on lower level then next support level is 3250. On other side 3570 will be major resistance level.

COPPER

Copper showed bearish movement and found major support around level of 416.50. Now if price sustain on lower level then next support level will be 415. And 430 will be major resistance level.

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