Today’s Forecast for Beneficial Mcx Trading

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Market Outlook

MCX Gold price shows some bullish bias now to approach testing the key resistance of 29800 and if the price not breaks this level then the bearish scenario will remain active.MCX Crude oil price shows quite upward movement and if price maintains on higher levels then in next trading session it may test its next important resistance level of 4850.MCX Copper takes reverse movment from its major support level  of 410 and shows some positive momentum and if today it close above 420 then uptrend will remain continue.

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Fundamental News

Prices of crude oil rose with re-introduced U.S. sanctions against major crude exporter Iran expected to tighten global supply. Many countries, including U.S. allies in Europe as well as China and India, oppose the sanctions but the U.S. government wants as many countries as possible to stop buying Iranian crude oil. Prices of precious metals edged up on a steady U.S. dollar early Tuesday, but expectations for further interest rate hikes in the United States supported the limited interest in the metal.

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GOLD

Gold showed sideways to bearish movement and found the major support level of 29580. Now if price sustains on lower level then it will test next support level of 29450. On other side 29760 will be major resistance level.

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SILVER

Silver showed sideways to bearish movement and found the major support level of 37850. Now if price sustains on lower level then it will test next support level of 37500. On other side 38197 will be major resistance level.

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CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4737. Now if price sustains on lower level then it will test next support level of 4653. On other side 4798 will be major resistance level

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COPPER

Copper showed sideways to bullish movement and found the major resistance level of 420.70. Now if price sustains on higher level then it will test next resistance level of 422.50. On other side 416.50 will be major support level.

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