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Market Outlook

MCX Gold price begins today’s trading with new rise to move above 31500 level, but it closed yesterday’s candlestick below this level too, which keeps the chances valid to continue the expected bearish trend scenario on the intraday basis, Oil price settles around 3610 level, and it showed many attempts to break the minor bullish channel’s support, we will continue to suggest the bearish trend in the upcoming sessions, For MCX Copper No news providing repeated sideways trading, due to its neediness to the positive momentum, trading range for today is between 440 & 432.

Fundamental News

On Friday in Asia Gold prices gained while the dollar was flat after Federal Reserve chairman Jerome Powell delivered a bullish assessment of the U.S. economy on Thursday. Crude Oil prices slipped on Friday morning in Asia, after the meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna failed to reach a final decision on cutting output.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31550. Now if price sustains on higher level then it will test next resistance level of 31680. On other side 31024 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 37950. Now if price sustains on higher level then it will test next resistance level of 38200. On other side 37182 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 3864. Now if price sustains on higher level then it will test next resistance level of 3950. On other side 3586 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 438.20. Now if price sustains on higher level then it will test next resistance level of 443.90. On other side 432.25 will be major support level.

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