Free MCX Tips and Gold Market Updates

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Market Outlook

Gold prices inched down in European trade on Tuesday, holding near the prior session’s seven-week low amid fading demand for safe-haven assets. The yellow metal hit its lowest since March 16 at $1,221.00 on Monday as safe-haven demand ebbed. Oil prices rose on Tuesday, but faced headwinds from concern over slowing demand and the rise in U.S. crude output that has shaken investors’ faith in the ability of OPEC to rebalance the market. Crude has been under pressure in recent weeks amid fears that an ongoing rebound in U.S. shale production is derailing efforts by other major producers to rebalance global oil supply and demand.

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Fundamental News

The dollar advanced to session highs and weighed on dollar-denominated gold, but downside momentum in the precious metal was capped, as a Macron victory was widely anticipated.

The American Petroleum Institute (API) reports its estimates of crude and refined product stocks at the end of last week after the market close on Tuesday. The figures are followed on Wednesday by official data from the U.S. energy Information Administration.

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Gold showed sideways to bearish movement and broke the important support level of 28000. Now if it will close below the important support level of 28000 then 27700 will act as next support level. On the other hand 28300 will act as a major resistance level.

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Silver showed sideways to bearish movement and found the important support level of 37800. Now if it will close below the important support level of 37800 then 37100 will act as next support level. On the other hand 38500 will act as a major resistance level.

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Crude showed sideways movement and found the important resistance level of 3030. Now if it will close above the important resistance level of 3030 then 3100 will act as next resistance level. On the other hand 2940 will act as a major support level.

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Copper showed sideways movement and found the important resistance level of 362. Now if it will close above the important resistance level of 362 then 369 will act as next resistance level. On the other hand 354 will act as a major support level.

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