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Market Outlook

MCX Gold price opened today’s trading with stronger decline to reach the thresholds of the main waited target at 29100, The overall bearish trend still suggested & some correction are expected upto 29600 level. Crude Oil price managed to break 4730 level and ended Tuesday’s trading below it, which supports the expectations of continuing the bearish trend efficiently on the intraday and short term basis. MCX Copper price’s trades extended downwards strongly to target 415 level, the price might be forced to form some sideways fluctuations until breaking the current barrier followed by attempting to break new negative levels by moving towards 390

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Fundamental News

On Thursday Gold prices dropped while the U.S. dollar also slid despite higher demand in safe-haven assets amidst the Turkish lira crisis. On Thursday Crude Oil prices were mixed on Thursday as data from the Energy Informational Administration (EIA) showed the U.S. crude inventory level unexpectedly hiked by 6.8 million barrels in the week ending Aug 10. Analysts previously forecasted stockpiles would fall by 2.5 million barrels.

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GOLD

Gold showed sideways to bearish movement and found the major support level of 29283. Now if price sustains on lower level then it will test next support level of 29061. On other side 29600 will be major resistance level.

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SILVER

Silver showed sideways to bearish movement and found the major support level of 36423. Now if price sustains on lower level then it will test next support level of 36000. On other side 37677 will be major resistance level.

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CRUDE

Crude oil showed sideways to bearish movement and found the major support level of 4525. Now if price sustains on lower level then it will test next support level of 4488. On other side 4670 will be major resistance level.

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COPPER

Copper showed sideways to bearish movement and found the major support level of 402.55. Now if price sustains on lower level then it will test next support level of 387.50. On other side 426 will be major resistance level.

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