Crude Oil Market news | Online MCX Trading Tips | Profitable Calls

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Market Outlook

Gold and silver are trading sideways to bullish as the dollar slumped. We expect gold prices to trade higher continuing its positive momentum from the previous trading session. Base metals such as aluminium, copper, zinc and nickel traded went up, mainly because the inventory of these base metals went down. We expect base metals prices may trade more bullish in coming session. In energy sector, Crude oil prices trade to bearish more than 2% as supply concern. In coming session it may trade to sideways to bearish.

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Fundamental News

Gold futures gained Monday, retesting five-week highs, as the dollar’s advance was limited and global investors continued to debate the expected pace for U.S. interest-rate hikes in 2017.

Oil fell more than 2 percent on Monday as signs of growing U.S. production outweighed optimism that many other producers, including Russia, were sticking to a deal to cut supplies in a bid to bolster the market.

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Gold showed sideway to bullish movement and found the important resistance level of 28260. Now if it will sustain below the important support level of 27950 then 27750 will act as next support level. On the other hand 28270 will act as a major resistance level.

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Silver showed bullish movement and found the important resistance level of 41320. Now if it will sustain below 40800 then 40400 will act as next support level. On the other hand 41500 will act as a major resistance level.

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Crude showed sideways to bearish movement and found the important support level of 3500. Now if it will close above the important resistance level of 3600 then 3650 will act as next resistance level. On the other hand 3500 will act as a major support level.

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Copper showed strong movement and found the important resistance level of 397. Now if it will close below the important support level of 390 then 385 will act as next support level. On the other hand 400 will act as a major resistance level.

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