Beneficial Gold Market Updates and Free MCX Tips

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Market Outlook
Gold prices rallied to a four-week high on Monday, as growing doubts about U.S. President Donald Trump’s pro-growth economic agenda prompted investors to dump risky assets and rush to safe havens. The dollar slid to a near five-month low against a basket of currencies on Monday after President Donald Trump’s failure to push through a healthcare reform bill prompted investors to question the extent to which he can deliver on growth policies that have been priced in since his election. Oil prices fell on Monday, pulled down by rising U.S. drilling activity and by doubts whether an OPEC-led production cut initially due to end in mid-2017 would be extended.

 

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Fundamental News
Prices of the precious metal turned lower as the dollar steadied after Republican leaders dropped legislation to replace the Affordable Care Act before a planned vote in the House of Representatives, after it failed to gather enough support to pass.
OPEC members increasingly favor extending the output curb beyond June to balance the market, sources within the group said, although they added that this would require non-OPEC members such as Russia to also step up their efforts.

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Gold showed sideways to bullish movement and found the important resistance level of 28950. Now if it will sustain below the important support level of 28700 then 28500 will act as next support level. On the other hand 29000 will act as a major resistance level.

 

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Silver showed bullish movement and found the important resistance level of 42150. Now if it will sustain below 41700 then 41300 will act as next support level. On the other hand 42500 will act as a major resistance level.

 

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Crude showed sideways to bearish movement and found the important support level of 3075. Now if it will close below the important support level of 3070 then 3020 will act as next support level. On the other hand 3150 will act as a major resistance level.

 

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Copper showed bearish movement and found the important support level of 370. Now if it will close below the important support level of 370 then 365 will act as next support level. On the other hand 385 will act as a major resistance level.

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