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Market Outlook

MCX Gold price rises clearly to surpass the EMA50 and attempts to hold above it, which supports the continuation of the expected bullish trend scenario for the upcoming period, which depends on the price stability above 30100, Oil price tested the bearish support line that appears on the chart without managing to break it until now, waiting to press on this support to confirm the continuation of the bearish trend on the intraday and short term basis, MCX Copper price provides clear signal to delay the bullish rally by its decline below 432 level, announcing its readiness to form some negative correction in the near period.

Fundamental News
Precious metal had its biggest one-day gain in more than a month with Act One of the Fed and Act Two will follow tomorrow.

Crude Oil seems to be on its last legs in the $50 area as the long roads to Buenos Aires and Vienna beckon.

Gold showed sideways to bullish movement and found the major resistance level of 30500. Now if price sustains on higher level then it will test next resistance level of 30800. On other side 30300 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 36150. Now if price sustains on higher level then it will test next resistance level of 36500. On other side 36000 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3700. Now if price sustains on higher level then it will test next resistance level of 3800. On other side 3595 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 435. Now if price sustains on higher level then it will test next resistance level of 440.95. On other side 429.15 will be major support level.

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