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Market Outlook

MCX Gold price took some recovery from lower to higher levels after sharp downfall and if price manages above 31700 in upcoming session then again bullish bias will active as well as price can retest next resistance level of 31900. MCX Crude oil was quite volatile on Wednesday and above 4700 we expect slight positivity as well as price can test immediate resistance of 4750. MCX Copper also took recovery after yesterdays downfall but unable to cross 450, if price breaches 450 in next session then we will continue to suggesting bullish trend and this momentum can find important intraday resistance of 455.

Fundamental News

Gold prices fell on Wednesday to hover around a four-month low touched in the previous session, as the dollar gained after strong U.S. housing data dampened concerns about an economic slowdown in the country, amid upbeat risk appetite.

Crude Oil prices fell on Wednesday after a report allayed concerns about tightening supply, ending a rally that took prices to their highest since early November on concerns that OPEC output cuts and sanctions would take too much oil out of the market.

Gold showed sideways to bullish movement and found the major resistance level of 31830. Now if price sustains on higher level then it will test next resistance level of 31950. On other side 31480 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 37500. Now if price sustains on higher level then it will test next resistance level of 37800. On other side 36900 will be major support level.

Crude oil showed sideways to bearish movement and found the major support level of 4590. Now if price sustains on lower level then it will test next support level of 4520. On other side 4700 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 451. Now if price sustains on higher level then it will test next resistance level of 455. On other side 444 will be major support level.

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