MCX Gold Trading Updates and Strategies

Market Outlook

MCX Gold took some recovery from higher levels after sharp correction on higher side on last Friday and if price trades above 32250 in next trading session then it will give more upside movement and price may test next resistance of 32500 as well as bullish trend will resumes. MCX Crude oil correct and face stip resistance of 4000 levels and if price maintain above this level in next session then we will keep our bullish overview towards next level at 4150 and lower side it has important support of 3900. MCX Copper continues with its downward momentum and also broke immediate support of 450 and below this level it has another support of 440 as well as bearish trend will remain active in next trading session.

Fundamental News

Gold futures are edging lower shortly before the regular session on Monday. The price action is being driven by rising U.S. Treasury yields, a steady U.S. Dollar and generally positive demand for higher risk assets.

Today’s price action suggests that WTI and Brent are range bound, getting just enough support from OPEC to sustain the upside bias, and just enough production from the U.S. to put a cap on gains.

Gold showed sideways to bearish movement and found the major support level of 31931. Now if price maintain above 32100 on higher side then it will test next resistance level of 32400. On other side 31850 will be major support level.

Silver showed sideways to bearish movement and found the major resistance level of 38378. Now if price maintain above 38700 on higher level then 39000 will test next resistance level. On other side 38200 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3985. Now if price sustains on lower level then 3900 will at as majoursupport level. On other side 4000 will be major resistance level above which it may test 4100.

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 support level of 443. On other side 453.10 will be major resistance level.

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