MCX Trading Strategies and Trend

Market Outlook

Gold prices edged lower on Tuesday, as market players looked ahead to the annual meeting of top central bankers and economists in Jackson Hole, Wyoming later this week. Oil prices were higher on Tuesday, bouncing back from the prior session’s more than 2% drop as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products. For the most part, the base metals prices continue to look bullish, some more so than others with tin and to a lesser extent lead the mains ones struggling, or more likely to run into forward selling, while forward selling seems less of an issue for the other base metals.

Fundamental News
Gold prices traded near session highs on Monday, in the wake of continued dollar weakness, following growing fears over geopolitical tensions in North Korea, after the U.S. and South Korea began military drills.
U.S. crude production has broken through 9.5 million barrels per day (bpd), it’s highest since July 2015, but analysts say growth may slow as U.S. energy firms cut the number of rigs drilling for new oil.

Gold showed bearish movement and found the important support level of 29036. Now if it will close below the important support level of 29000 then 28800 will act as next support level. On the other hand 29500 will act as a major resistance level.

Silver showed sideways to bearish movement and found the important support level of 38722. Now if it will close below the important support level of 38500 then 38000 will act as next support level. On the other hand 39500 will act as a major resistance level.

Crude showed sideways to bearish movement and found the important support level of 3047. Now if it will close below the important support level of 3045 then 3000 will act as next support level. On the other hand 3150 will act as a major resistance level.

Copper showed sideways to bullish movement and found the important resistance level of 426.40. Now if it will close above the important resistance level of 427 then 430 will act as next resistance level. On the other hand 410 will act as a major support level.

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