Today’s Gold Market News and Online MCX Tips

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Market Outlook

Gold prices tumbled on Friday, as the U.S. dollar remained broadly supported following recent comments by U.S. President Donald Trump on tax reform and an upbeat jobless claims report. Oil prices were stable on Friday, supported by strong Chinese crude imports and OPEC-led production cuts. China’s crude imports in January rose 27.5 percent from a year earlier to the third-highest volume ever. Base metals prices on the London Metal Exchange are mainly firmer this morning with three month prices up an average of 0.8%. Stronger-than-expected Chinese trade data bodes well for metal demand.

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Fundamental News

Asian gold demand was mixed this week with Indian jewelers stocking up for the wedding season while rising prices kept buyers on the sidelines elsewhere. After delaying purchases last month in anticipation of an import duty cut in the federal budget.

OPEC has delivered over 90 percent of pledged oil output curbs in January, according to figures the exporter group uses to monitor its supply, making a strong start in implementing its first production cut in eight years.

Base metals prices on the London Metal Exchange are mainly firmer this morning, Friday February 10, with three month prices up an average of 0.8%. Stronger-than-expected Chinese trade data bodes well for metal demand.

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Gold showed bullish movement and found the important resistance level of 29200. Now if it will maintain above the important resistance level of 29300 then 29500 will act as next resistance level. On the other hand 28900 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 42800. Now if it will maintain above 42850 then 43300 will act as next resistance level. On the other hand 42200 will act as a major support level.

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Crude showed sideways to bullish movement and found the important resistance level of 3620. Now if it will close above the important resistance level of 3625 then 3700 will act as next resistance level. On the other hand 3550 will act as a major support level.

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Copper showed bullish movement and found the important resistance level of 400. Now if it will close below the important support level of 402 then 397 will act as next support level. On the other hand 411 will act as a major resistance level.

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