Today’s Qualitative Analysis Of Mcx Market

Market Outlook

MCX Gold was quite volatile on Monday but we will keep bullish overview for upcoming session, if price holds 38500 levels and after that this momentum can find next important resistance level at 38800. MCX Crude oil took quick recovery from lower to higher side after downfall and if price trades above 4000 in upcoming trading session then again bullish scenario will active up to next intraday resistance level of 4050 and lower side it has immediate support level at 3800. MCX Copper showed sideways movement on Monday and if price maintains above 450 levels in next period then it will continue with upward trend as well as find next resistance level of 460.

Fundamental News

Gold prices held steady in holiday-thinned trade on Monday, trading near the psychological $1,500 level, as uncertainties around the Sino-U.S. trade war and concerns about slowing global economic growth offered support. Oil steadied after U.S. President Donald Trump said planned trade talks with China next month could be called off, stoking concerns the deepening dispute will damage global growth.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 38350. Now if price sustains on lower level then it will test next support level of 37800. On other side 38600 will be major resistance level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 43720. Now if price sustains on lower level then it will test next support level of 43000. On other side 44000 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 3937. Now if price sustains on higher level then it will test next resistance level of 4000. On other side 3800 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 446.80. Now if price sustains on higher level then it will test next resistance level of 452. On other side 440 will be major support level.

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