Free MCX Trading Tips and Gold & Silver market News

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Market Outlook

Gold and Silver are trading flattish after gaining strongly in the last couple of days as the dollar slumped. We expect prices to trade higher continuing its positive momentum from the previous trading session. Base metals are mostly flat at the open and may remain fixed as worries over China’s handling of the yuan are capping upside at a time when global manufacturing data is picking up. We expect prices to trade range bound as gains would be limited by profit taking. In energy sector, Crude oil prices were flat in early trade but are likely to extend gains as EIA data showed a big drop in US inventories last week. We expect oil prices to trade higher in upcoming session.

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Fundamental News

Gold futures settled lower on Friday as strength in the U.S. dollar and equities in the wake of the monthly domestic jobs report dulled investment demand for the precious metal.

Oil futures finished modestly higher Friday, with prices extending their streak of gains to a fourth straight week amid ongoing signs of compliance with a global pact to cut production.

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Gold showed sideway to bullish movement and found the important resistance level of 28000. Now if it will sustain below the important support level of 27800 then 27600 will act as next support level. On the other hand 28000 will act as a major resistance level.

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Silver showed sideways movement and found the important resistance level of 40700. Now if it will sustain below 40000 then 39500 will act as next support level. On the other hand 40750 will act as a major resistance level.

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Crude showed sideways to bullish movement and found the important resistance level of 3700. Now if it will close above the important resistance level of 3700 then 3800 will act as next resistance level. On the other hand 3600 will act as a major support level.

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Copper showed strong movement and found the important resistance level of 384. Now if it will close below the important support level of 378 then 373 will act as next support level. On the other hand 388 will act as a major resistance level.

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