MCX Market Calls and News 18th Dec 2017

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Market Outlook

Gold prices were hovering near one-week highs on Friday, as fresh concerns over U.S. tax reform plans weighed on the dollar and as markets were still digesting the Federal Reserve’s latest policy statement. Oil prices were mixed on Friday, lingering below two-year highs as the continuing outage of a North Sea pipeline gave support, while climbing U.S. output and weak gasoline demand kept a lid on gains. Copper came under pressure on Friday from profit-taking ahead of the holiday period, but expectations of strong demand in top consumer China after data showed firm industrial activity lent support to prices.

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Fundamental News

Gold prices were on track to snap a three-week losing streak after rising sharply following the Federal Reserve interest rate decision to raise rates, and maintain its outlook for additional monetary policy tightening.

The state of Alaska will receive hundreds of millions of dollars in a settlement with oil companies over the value of North Slope crude oil shipped through the Trans-Alaska Pipeline (TAP), officials announced.

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Gold showed sideways to bearish movement and found the major support level of 28180. Now if price sustains on a lower level then it will test next support level of 28050. On another side, 28450 will be major resistance level.

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Silver showed sideways to bullish movement and found the major resistance level of 37420. Now if price sustains on a higher level then it will test next resistance level of 37750. On another side, 36880 will be major support level.

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Crude oil showed sideways to bearish movement and found the major support level of 3635. Now if price sustains on a lower level then it will test next support level of 3600. On another side, 3710 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, 432 will be major support level.

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