MCX Market with Beneficial Tips

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Market Outlook

MCX Gold price hovers around 30550 levels, Which forms negative factor that we are waiting to push the price to decline again, to keep the bearish trend suggested in the upcoming sessions. Oil price ended yesterday’s trading above 4495, starting today with clear positivity on its way to test 4550 level, that breaching 4550 resistance will push the price to keep rising.MCX Copper price forming sideways trading recently, its consolidation below 460 increases the chances of surrendering to the bearish bias.

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Fundamental News

Precious metal prices recovered from a 6-month low on Friday as the dollar slipped after hitting a 11-month peak earlier in the day.

Crude Oil prices climbed more than 1% on Friday, with all eyes on OPEC and its allies as they meet in Vienna later on Friday.

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GOLD

Gold showed sideways to bullish movement and found the major resistance level of 30656. Now if price sustains on higher level then it will test next resistance level of 30750. On other side 30551 will be major support level.

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SILVER

Silver showed sideways to bullish movement and found the major resistance level of 39795. Now if price sustains on higher level then it will test next resistance level of 40147. On other side 39481 will be major support level.

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CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4700. Now if price sustains on higher level then it will test next resistance level of 4765. On other side 4488 will be major support level.

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COPPER

Copper showed sideways to bullish movement and found the major resistance level of 456.25. Now if price sustains on higher level then it will test next resistance level of 458.90. On other side 452.25 will be major support level.

 

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