Daily Effective Forecast for MCX Market

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Market Outlook

MCX Gold price fluctuates at 31500 level and keeps its stability below it until now, the bearish trend scenario valid for the upcoming period, oil price continues to fluctuate between the trend confirmation levels represented by 4450 support and the resistance line that rises now to 4530, these factors makes us continue with our neutrality until confirming breaching one of the above mentioned levels, MCX Copper price provides positive trading after the decline that it witnessed in the previous sessions, to keep the overall bearish trend scenario valid for the upcoming period conditioned by the price stability above 476.

1  Fundamental News

This would mean four rate hikes this year, The Fed hiked rates by 25 basis points to a range of 1.75% to 2% and hinted at two more rate hikes later in the year, instead of only one previously. According to data from the Energy Information Administration (EIA), Inventories of U.S. crude fell by 4.143 million barrels for the week ended June 8, well above expectations for a draw of 1.440 million barrels.

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GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31418. Now if price sustains on higher level then it will test next resistance level of 31596. On other side 31192 will be major support level.

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SILVER

Silver showed sideways to bullish movement and found the major resistance level of 41621. Now if price sustains on higher level then it will test next resistance level of 41927. On other side 40896 will be major support level.

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CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4540. Now if price sustains on higher level then it will test next resistance level of 4570. On other side 4487 will be major support level.

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COPPER

Copper showed sideways to bearish movement and found the major support level of 480.25. Now if price sustains on lower level then it will test next support level of 475.20. On other side 485.35 will be major resistance level.

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