Profitable Updates for Bullions Metal & Free MCX Tips

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Market Outlook

Gold prices edged lower on Wednesday, as market players looked ahead to the minutes of the Federal Reserve’s latest policy meeting for further hints on the timing and pace of future rate hikes. Global oil prices slipped as the U.S. dollar.DXY, in which payments for crude are made, rose but they traded broadly at multi-week highs after OPEC signaled optimism over its deal with other producers to curb output. Consolidation seems the order of the day for the base metals as the higher price levels attract profit-taking and forward selling.

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Fundamental News

Precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.2%.

U.S. oil prices held near seven-week highs, after OPEC signaled optimism over its deal with other producers including Russia to curb production and clear a glut that has weighed on the market since 2014.

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Gold showed sideways movement and found the important support level of 29174. Now if it will maintain above the important resistance level of 29450 then 29600 will act as next resistance level. On the other hand 29200 will act as a major support level.

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Silver showed sideways movement and found the important resistance level of 43000. Now if it will maintain above 43200 then 43600 will act as next resistance level. On the other hand 42500 will act as a major support level.

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Crude showed sideways to bearish movement and found the important support level of 3587. Now if it will close above the important resistance level of 3650 then 3720 will act as next resistance level. On the other hand 3550 will act as a major support level.

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Copper showed sideways movement and found the important resistance level of 406. Now if it will close below the important support level of 404 then 400 will act as next support level. On the other hand 407 will act as a major resistance level.

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