Online Mcx Trading Tips |Commodity Market

Market Outlook

MCX Gold price on the hourly chart price has moved above previous swing high, which is a positive set up. The momentum indicator RSI is in a positive crossover and rising. On Crude oil price extended their decline from an early January peak above $70 as the spectre of excess supplies loomed over the market after the spreading coronavirus outbreak hit demand in China, the world’s largest oil importer.MCX copper on the daily chart, price has retrieved from support level and hovered around 8 days EMA which supports sideways view. One can expect downside movement if it breaches immediate support mark of 430.

Fundamental News

Gold prices slipped on Friday in Asia ahead of the release of the much-anticipated job report data due later in the day.The fall in gold prices came even after Asian equities traded mostly lower today, with Hong Kong’s stocks losing about 0.5%.

Oil prices advanced on Friday after Russia said it backs a recommendation for OPEC and other producers to cut their output further amid falling demand for crude as China battles the coronavirus epidemic.

Gold showed bullish movement and major resistance around level of 40724. Now if price maintains on higher level then it will test next resistance level of 41000. On other side 40200 will be major support level.

Silver showed bullish movement and major resistance around level of 46395. Now if price maintains on higher level then it will test next resistance level of 47000. On other side 45500 will be major support level.

Crude oil showed bearish movement and major support level of 3588. Now if price sustains on lower level then it will test next support level of 3550. On other side 3750 will be major resistance level.

Copper showed bearish movement and found major support around level of 430.50. Now if price sustain on lower level then next support level will be 425. And 435 will be major resistance level.

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