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Edge in Crude Oil and Profitable News

Market Outlook

Gold prices were hovering at two-month highs on Friday, as mounting tensions between the U.S. and North Korea continued to support strong demand for safe-haven assets.  U.S. oil moved lower on Friday, as fresh concerns over rising supplies surfaced following the release of the Organization of the Petroleum Exporting Countries’ monthly report on Thursday. For the base metals recent fundamental developments should help to provide underlying support, but considering the scale of recent gains, some profit taking/consolidation is likely.

Fundamental News

The precious metal remained supported as tensions escalated between Washington and Pyongyang after U.S. President Donald Trump warned the peninsula on Thursday against attacking Guam or U.S. allies.

World oil demand will grow more than expected this year, helping to ease a global glut despite rising production from North America and weak OPEC compliance with output cuts, the International Energy Agency said on Friday.

Gold showed sideways to bullish movement and found the important resistance level of 29295 Now if it will close above the important resistance level of 29300 then 29500 will act as next resistance level. On the other hand, 28800 will act as a major support level.

Silver showed sideways to bullish movement and found the important resistance level of 39396 Now if it will close above the important resistance level of 39550 then 40000 will act as next resistance level. On the other hand, 38500 will act as a major support level.

Crude showed bearish movement and found the important support level of 3082. Now if it will close below the important support level of 3080 then 3050 will act as next support level. On the other hand, 3235 will act as a major resistance level.

Copper showed sideways to bullish movement and found the important resistance level of 413 Now if it will close above the important resistance level of 415 then 420 will act as next resistance level. On the other hand, 400 will act as a major support level.

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Free MCX Tips and Market News

Market Outlook

Gold prices held near their highest level in around seven weeks on Tuesday, as market players looked ahead to a key batch of U.S. economic data to gauge the strength of the world’s largest economy and how it will impact the Federal Reserve’s view on monetary policy. Oil traded near two-month high, supported by signs that a persistent inventory glut is starting to ease and strong global demand, although stronger OPEC production kept a lid on gains. Copper prices are managing to generally hold on to most of its recent gains and the metal looks strong, while the other metals appear not to be convinced that they should be following copper’s lead.

Fundamental News

Gold prices in India last week recorded the biggest discount in seven months as a rebound in prices hurt retail demand while imports of the precious metal are expected to come under pressure amid a seasonal slowdown.

Brent crude oil prices were expected to remain broadly unchanged in 2018 and average at around $45-$50 a barrel as U.S. shale production is able to expand at these levels, effectively capping prices.

 

Gold showed sideways to bullish movement and found the important resistance level of 28814. Now if it will close above the important resistance level of 28860 then 29000 will act as next resistance level. On the other hand 28500 will act as a major support level.

Silver showed bearish movement and found the important support level of 38230. Now if it will close below the important support level of 38000 then 37500 will act as next support level. On the other hand, 39000 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 3107. Now if it will close below the important support level of 3100 then 3050 will act as next support level. On the other hand, 3235 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 3107. Now if it will close below the important support level of 3100 then 3050 will act as next support level. On the other hand, 3235 will act as a major resistance level.

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MCX Premium Tips and Calls

Market Outlook

Gold prices rose to their highest level in around a month on Monday, as market players looked ahead to a busy week of economic events, including a Federal Reserve policy decision and U.S. second quarter growth data. Oil prices rallied to the highest levels of the session on Monday after Saudi Arabia pledged to make deep cuts to its crude exports in August in an effort to ease a global supply glut. Saudi Arabia, OPEC’s largest producer, will limit exports to 6.6 million barrels a day in August, energy minister Khalid Al-Falih said after a meeting with fellow producers who gathered to discuss compliance with the cartel’s deal to cut production.

Fundamental News

The greenback was pressured lower by the stronger euro, which was boosted by expectations that the European Central Bank is moving closer to tapering its bond-buying program and fresh political turmoil in Washington.

OPEC has agreed with several non-OPEC producers led by Russia to cut oil output by a combined 1.8 million BPD from January 2017 until the end of March. But OPEC states Libya and Nigeria were exempted from helping them recover from years of unrest.

Gold showed sideways to bullish movement and found the important resistance level of 28610. Now if it will close above the important resistance level of 28630 then 28800 will act as next resistance level. On the other hand, 28250 will act as a major support level.

Silver showed sideways movement and found the important resistance level of 38370. Now if it will close above the important resistance level of 38500 then 39000 will act as next resistance level. On the other hand, 37500 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 3003. Now if it will close above the important resistance level of 3020 then 3085 will act as next resistance level. On the other hand, 2950 will act as a major support level.

Copper showed bullish movement and found the important resistance level of 390.55. Now if it will close above the important resistance level of 392 then 398 will act as next resistance level. On the other hand, 380 will act as a major support level.

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Expert View on Gold and Crude Oil

Market Outlook

Gold prices edged higher on Monday, extending last week’s strong gains on bets that lackluster U.S. data will keep the Federal Reserve cautious about the future pace of policy tightening. Oil edged up to around $49 a barrel on Monday as a slowdown in the increase of rigs drilling in the United States eased concern that surging shale supplies will undermine OPEC-led cuts. Oil prices are less than half their mid-2014 level because of a persistent glut, even after the Organization of the Petroleum Exporting Countries, plus Russia and other non-members started a supply-cutting pact in January.

Fundamental News

Last week, gold prices rose to two-week highs on Friday as weak U.S. inflation data added to doubts over whether the Federal Reserve would raise interest rates for the third time this year. The precious metal ended the week with gains of 1.32%.

The slowing pace of increases combined with massive draw downs last week on both official crude inventory numbers from the U.S. probably explains the positive sentiment in general at the moment.

Gold showed bullish movement and found the important resistance level of 28143. Now if it will close above the important resistance level of 28200 then 28500 will act as next resistance level. On the other hand, 27600 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 37500. Now if it will close above the important resistance level of 37500 then 38000 will act as next resistance level. On the other hand, 36000 will act as a major support level.

Crude showed bearish movement and found the important support level of 2971. Now if it will close below the important support level of 2950 then 2900 will act as next support level. On the other hand, 3020 will act as a major resistance level.

Copper showed bullish movement and found the important resistance level of 390.45. Now if it will close above the important resistance level of 391 then 395 will act as next resistance level. On the other hand, 380 will act as a major support level.

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Free MCX Tips | GST Updates on Gold Market

Market Outlook:

Gold prices slipped on Friday, to trade near an eight-week low as a stronger U.S. dollar weighed on demand for the precious metal and as investors were focusing on the upcoming report on U.S. non farm payrolls due later in the day. U.S. oil moved sharply lower on Friday, as news this week of a rise in U.S. oil production weighed heavily on the commodity. Copper and nickel prices are looking the weaker ones in the LME complex this week, but the weakness seems to be part of an effort to consolidate, which most of the other metals are also doing.

Fundamental News:

Gold is sensitive to moves higher in both U.S. rates and the dollar. Stronger dollar makes gold more expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.

Oil prices have dipped below $50 a barrel from recent highs amid growing investor doubts about Opec and its allies’ commitment to drain the glut in supply, as members of the oil-cartel have increased exports and production, despite the current deal to curb output.


Gold showed bearish movement and found the important support level of 27724. Now if it will close below the important support level of 27700 then 27500 will act as next support level. On the other hand 28000 will act as a major resistance level.


Silver showed bearish movement and found the important support level of 35980. Now if it will close below the important support level of 35900 then 35500 will act as next support level. On the other hand 37000 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 2835. Now if it will close below the important support level of 2800 then 2750 will act as next support level. On the other hand 2900 will act as a major resistance level.


Copper showed bearish movement and found the important support level of 378.80. Now if it will close below the important support level of 378 then 373 will act as next support level. On the other hand 385 will act
as a major resistance level.

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