Expert View on MCX Market and Free MCX Tips

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Market Outlook

Gold prices edged higher on Monday, as the U.S. dollar pulled back despite mounting hopes that a major U.S. tax reform can be passed before the end of the year. The precious metal had strengthened last week after the Fed raised interest rates by 0.25 basis points to 1.50% but did not change its projections for 2018.Crude oil gained on Monday, getting some support as the number of rigs drilling for oil dipped last week and on continued strong demand cues from the regional market. The three-month nickel price was once again one of the strongest performers, climbing to a high. Much like zinc and lead, the global nickel market also showed a high supply deficit in the first 10 months of the year.

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Fundamental News

The precious metal had strengthened last week after the Fed raised interest rates by 0.25 basis points to 1.50% but did not change its projections for 2018.

Oil is on course for a second annual gain after last month’s decision by OPEC and its allies to extend production curbs in a bid to shrink bloated inventories. While some banks raised their 2018 crude price forecasts, others were less bullish.

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Gold showed sideways to bullish movement and found the major resistance level of 28520. Now if price sustains on a higher level then it will test next resistance level of 28650. On another side, 28250 will be a major support level.

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Silver showed sideways to bullish movement and found the major resistance level of 37600. Now if price sustains on a higher level then it will test next resistance level of 37890. On another side, 37200 will be a major support level.

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Crude oil showed sideways to bearish movement and found the major support level of 3650. Now if price sustains on a lower level then it will test next support level of 3615. On another side, 3735 will be major resistance level.

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Copper showed sideways to bullish movement and found the major resistance level of 449. Now if price sustains on a higher level then it will test next resistance level of 457. On another side, 442 will be a major support level.

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