MCX Gold Market Tips With High Accuracy

Market Outlook

MCX Gold fell from higher levels on Tuesday and it also test major support level of 31700 and if price sustains below this level in upcoming session then we will keep bearish overview towards next strong support i.e. 31500 levels. MCX Crude oil was quite bullish but unable to holds on higher levels and if price trades below 4450 in next trading session then bearish bias will remain active as well as it can test next support of 4400. MCX Copper was quite volatile due to its expiry. For upcoming period, if price breaks 445 then this bearish momentum can test next support of 440 and higher side it has immediate resistance at 450.

Fundamental News

Gold prices firmed on Tuesday as the dollar slipped to a one-week low, making bullion more attractive, with investors awaiting the Federal Reserve’s interest rate decision this week to gauge the outlook for U.S. monetary policy.

Oil prices pared their gains on Tuesday, after global benchmark Brent crude rose above $73 a barrel, as the market grew less worried that a rebellion against Venezuelan President Nicolas Maduro would hit the country’s crude exports.

Gold showed sideways to bearish movement and found the major support level of 31700. Now if price sustains on lower level then it will test next support level of 31550. On other side 31920 will be major resistance level.

Silver (Jul) showed sideways to bearish movement and found the major support level of 37400. Now if price sustains on lower level then it will test next support level of 37100. On other side 31950 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4520. Now if price sustains on higher level then it will test next resistance level of 4600. On other side 4420 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 448. Now if price sustains on lower level then it will test next support level of 444. On other side 453 will be major resistance level.

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