Online MCX Tips For Optimum Return & Dependency 07th Jan.

Market Outlook

MCX Gold price traded with clear negativity on Friday to break 31600 level and settles below it, we need to monitor the upcoming trading according to 31500 support and 31900 resistance, oil price achieved more gains today and tested 3400 barrier, to show some bearish bias now on its way to test 3300 level that was breached previously, MCX Copper price succeeded to resume its last negative attack to achieve our target at 400, and due to the importance of this level, we notice that the price forms intraday positive rebound and attempts to gather new negative momentum.

Fundamental News

 On Friday Gold hit its much-awaited $1,300 target, triggering an equally anticipated profit-taking raid that allows the market a breather after a three-week buildup.

On Friday Oil prices rose for a sixth-straight day on Friday, rallying as much as 4% in early trading before settling off the highs. The market achieved 3.7% in its first week of 2019 and a whopping 12% from the 18-month lows of $42.36 for U.S. crude on Christmas Eve.

GOLD

Gold showed sideways to bearish movement and found the major support level of 31440. Now if price sustains on lower level then it will test next support level of 31300. On other side 31880 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 39121. Now if price sustains on lower level then it will test next support level of 38700. On other side 39670 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 3439. Now if price sustains on higher level then it will test next resistance level of 3520. On other side 3304 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 409.90. Now if price sustains on higher level then it will test next resistance level of 412.60. On other side 402 will be major support level.

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