MCX Trading With Commodity Market

 

Market Outlook

MCX Gold was quite weak due to weak dollar. For next trading session it may give some more down side movement if price sustains below 31700 and after that 31500 will act as a next major support level. MCX Crude oil continue with its bearish trend and trades near its crucial support level of 4750 and if price breach this leve lthen test next support level of 4700 and if takes reverse move ment then takes recovery from lower levels up to next resistance level of4830. MCX Copper continues with downward trend and it has immediate support of 430 below this level 425 will be next major support level.

Fundamental News

Precious metals recovered on Thursday from a three-week low hit in the previous session as the recent drop in metal prices and an easing of the U.S. dollar from multi-month highs stoked buying.

Prices of crude oil fell on Thursday, extending losses in previous sessions, amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown.

Gold

Gold showed sideways to bullish movement and found the major resistance level of 31950. Now if price sustains on higher level then it will test next resistance level of 32020. On other side 31745 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 38900. Now if price sustains on higher level then it will test next resistance level of 39150. On other side 38001 will be major support level.

Crude

Crude oil showed sideways to bearish movement and found the major support level of 4630. Now if price sustains on lower level then it will test next support level of 4550. On other side 4860 will be major resistance level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 441. Now if price sustains on higher level then it will test next resistance level of 445.20.On other side 432.35 will be major support level.

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