Today’s Market Gold News | Online MCX Tips | Profitable Calls

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Market Outlook

Bullion prices snapped back, at least short term, on Tuesday after ending with a seventh straight weekly decline—their longest weekly losing streak in more than 12 years. In coming session bullions may be trade in narrow range.  Crude trade in bullish range around 2 % and Crude oil prices are likely to get solid fundamental support in the coming days, as OPEC producers are set to slash their supplies according to the production deal between 24 countries. The physical implementation of the output cut plan is supposed to begin next week, while several producers, including Saudi Arabia and Iraq, have already notified their customers about cuts in supplies. All base metals also traded on bullish note and in next trading session find more bullishness.

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Fundamental News

Gold prices rose in Asian trade on Tuesday on light buying out of China, but trading was thin after the long Christmas weekend, even as a firm dollar capped the gains.

Crude oil futures were up Tuesday amid muted holiday trading as investors remain in a wait-and-see mode ahead of a landmark effort by oil producers to reduce global supply.

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Gold showed sideways movement and found the important support level of 27150. Now if it will sustain below the important support level of 27000 then 26850 will act as next support level. On the other hand 27300 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 38900. Now if it will sustain below the important support level of 38600 then 38000 will act as next support level. On the other hand 39500 will act as a major resistance level.

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Crude showed sideways to bullish movement and found the important resistance level of 3682. Now if it will close above the important resistance level of 3700 then 3750 will act as next resistance level. On the other hand 3640 will act as a major support level.

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Copper showed bullish movement and found the important resistance level of 381. Now if it will close below the important support level of 375 then 370 will act as next support level. On the other hand 382 will act as a major resistance level.

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