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Market Outlook

Gold prices continue to trade near ten month lows as market waiting for the outcome of the U.S. Federal Reserve’s policy meeting later in the day. On intraday basis, we expect range bound trade in gold and silver prices. Base metals are mostly mixed on the LME after a volatile session yesterday as markets await new triggers. We expect range bound trade in metals prices as the dollar ease. Crude oil prices are lower for a second straight day on profit-taking after a sharp rally on the back of the Non-OPEC deal. The short term bias for oil remains positive and dips will get bought as markets expect a faster rebalancing. On MCX we expect range bound trade in Crude oil.

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Fundamental News

Gold prices edged higher Wednesday, buoyed by weaker-than-expected U.S. economic data ahead of the Federal Reserve’s decision on interest rates this afternoon.

Oil futures pared some of their earlier losses on Wednesday after U.S. government data revealed that domestic crude inventories fell for a fourth week in a row.

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Gold showed bullish movement and found the important support level of 27565. Now if it will close below the important support level of 27500 then 27100 will act as next support level. On the other hand 27800 will act as a major resistance level.

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Silver showed bullish movement and found the important support level of 41250. Now if it will close below the important support level of 41000 then 40500 will act as next support level. On the other hand 42500 will act as a major resistance level.

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Crude showed bearish movement and found the important support level of 3500. Now if it will close below the important support level of 3480 then 3400 will act as next support level. On the other hand 3650 will act as a major resistance level.

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Copper showed sideways to bullish movement and found the important support level of 384.80. Now if it will close below the important support level of 383 then 375 will act as next support level. On the other hand 395 will act as a major resistance level.

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