Tag Archives: Commodity Mcx Tips

Today’s MCX Market Trend and News

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Market Outlook

Gold prices were lower on Wednesday as investors awaited the minutes of the Federal Reserve’s September policy meeting later in the day, which was expected to reinforce expectations for a December rate hike. Oil prices rose for a third day on Wednesday on signs that markets are gradually tightening after years of oversupply, though the outlook for 2018 remained less certain. The underlying trends in the base metals are upward but those metals in or near high ground seem to be having to absorb selling which is capping the upside, while copper and nickel prices that are still some way below the highs.

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Fundamental News

The losses came after gold prices advanced in the previous three sessions, rebounding after a recent selloff that was fueled by interest rate concerns and a stronger dollar.

OPEC on Wednesday forecast higher demand for its oil in 2018 and said its production-cutting deal with rival producers was successfully getting rid of a glut, pointing to a tighter global market next year.

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Gold gave gap-down opening today and trade sideways to bearish and found the important support level of 29702. If it will be closed below the support level of 29700 then next support level will be 29600. On another hand, next resistance level will be 29850.

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Silver showed consolidate movement and found important resistance level of 40300. Now if it will break the important resistance level 40350 then next resistance level will be 40580. On the other side, 40000 will act as a major support level.

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Crude showed bullish movement and found the important resistance level of 3360. Now if it will close above the important resistance level of 3370 then 3400 will act as next resistance level. On the other hand, 3250 will act as a major support level.

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Copper showed bullish movement and found the important resistance level of 447.40. Now if it will close above the important resistance level of 451.50 then 455 will act as next resistance level. On the other hand, 440 will act as a major support level.

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Gold Market and Silver Market News

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Market Outlook

Gold prices bounced off their lowest level in around eight weeks on Wednesday, as the dollar lost some momentum after striking a one-and-a-half-month high, luring some investors back to the precious metal. Oil prices eased on Wednesday, pulled down by caution that a rally that lasted for most of the third quarter would not extend through the last three months of the year. The drops came over concerns that a third-quarter market rally that had lifted Brent to mid-2015 highs by late September had been overdone. Zinc and lead prices are setting new highs for the year and aluminum and nickel prices are following, although have yet to push into new high ground for the year while nickel is rallying off a lower base than aluminum.

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Fundamental News

Gold prices were restricted to a narrow $7 trading range hovering above seven-week lows amid dollar weakness as investor’s awaited direction from top-tier economic data and a speech from Fed chair Yellen later in the week.

Iran’s oil minister said on Wednesday he saw no objection within OPEC to extending or even deepening an OPEC-led deal to cut oil output get rid of a supply glut.

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Gold showed bearish movement and found the important support level of 29360. Now if it will close below the important support level of 29350 then 29300 will act as next support level. On the other hand, 29600 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 39000. Now if it will close below the important support level of 39000 then 38700 will act as next support level. On the other hand, 39650 will act as a major resistance level.

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Crude showed bearish movement and found the important support level of 3270. Now if it will close below the important support level of 3250 then 3200 will act as next support level. On the other hand, 3370 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 425.50. Now if it will close below the important support level of 425 then 420 will act as next support level. On the other hand, 435 will act as a major resistance level.

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Gold Showed Bullish Movement and Other MCX News

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Market Outlook

Gold prices started the week a touch lower on Monday, hovering around their weakest level in a month, as investors awaited fresh comments from a number of Federal Reserve officials for greater signs on the timing of the next rate hike. Crude oil prices started the week on the back foot on Monday but remained close to their best levels in months amid optimism that the crude market was well on its way towards rebalancing. The base metals are for the most part consolidating after recent gyrations; the exception is nickel where prices are still selling off. Copper prices ran into dip buying on Friday, while the rest are holding up in high ground and look well placed.

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Fundamental News

The yellow metal suffered its second-straight weekly decline last week after the Federal Reserve signaled that it still intended to deliver another rise in interest rates by the end of the year.

U.S. crude oil production has spiked following the higher output of low-sulfur crude from shale formations since the late-2000s, causing a glut in domestic crude supplies.

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Gold showed bullish movement and found the important resistance level of 30129. Now if it will close above the important resistance level of 30150 then 30500 will act as next resistance level. On the other hand, 29750 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 40433. Now if it will close above the important resistance level of 40500 then 41000 will act as next resistance level. On the other hand, 39500 will act as a major support level.

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Crude showed bullish movement and found the important resistance level of 3397. Now if it will close above the important resistance level of 3400 then 3450 will act as next resistance level. On the other hand, 3300 will act as a major support level.

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Copper showed bullish movement and found the important resistance level of 425.30. Now if it will close above the important resistance level of 426 then 430 will act as next resistance level. On the other hand, 415 will act as a major support level.

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Today’s Copper Market News

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Market Outlook

Gold prices started the week on the back foot on Monday, moving away from their strongest level in more than a year as investor concern over a standoff between the U.S. and North Korea eased. Oil prices edged lower on Monday on concerns that Hurricane Irma’s pounding of heavily populated areas of Florida could dent oil demand in the world’s top oil consuming nation. Copper and nickel prices were the hardest hit, but they were the ones that had climbed the fastest, while aluminum prices corrected the least with prices holding up well.

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Fundamental News

Gold prices notched a third weekly gain in a row last week. The yellow metal has been well-supported recently amid concerns over geopolitical uncertainty on the Korean peninsula and reduced expectations of U.S. monetary policy tightening.

Oil traders will also focus on monthly reports from the Organization of Petroleum Exporting Countries and the International Energy Agency to assess global oil supply and demand levels.

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Gold showed bearish movement and found the important resistance level of 29951. Now if it will close below the important support level of 29900 then 29500 will act as next support level. On the other hand, 30500 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 40893. Now if it will close below the important support level of 40800 then 40500 will act as next support level. On the other hand, 41900 will act as a major resistance level.

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Crude showed sideways to bearish movement and found the important support level of 3010. Now if it will close below the important support level of 3000 then 2950 will act as next support level. On the other hand, 3170 will act as a major resistance level.

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Copper showed bullish movement and found the important resistance level of 436.55. Now if it will close above the important resistance level of 437 then 440 will act as next resistance level. On the other hand, 430 will act as a major support level.

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Online MCX Tips and Free Calls

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Market Outlook

Gold prices rallied to their highest level in almost ten months on Tuesday, as investors piled into safe-haven assets after North Korea fired a missile that passed over northern Japan. Geopolitical risks can boost demand for safe-haven assets such as gold which is considered a good store of value during volatility in other markets. Crude prices dipped on Tuesday as the market grappled with the shutdown of some 13 percent of refining capacity in the United States after a hurricane ripped through the heart of the country’s oil industry.

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Fundamental News

Gold prices raced to a nearly 10-month high on Monday, buoyed by a sixteen-month slump in the dollar as investor expectations of an additional rate hike continued to fade, following Fed chair Janet Yellen’s decision to sidestep monetary policy.

U.S. fuel prices continue to rise as more Gulf Coast refiners cut output, leaving more than 13% of the country’s refining capacity offline. Gasoline for September delivery climbed as much as 2.77 cents to $1.74 a gallon, while crude prices dipped slightly to $46.50/bbl.

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Gold showed bullish movement and found the important resistance level of 29937. Now if it will close above the important resistance level of 30000 then 30300 will act as next resistance level. On the other hand, 29200 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 40275. Now if it will close above the important resistance level of 40300 then 40800 will act as next resistance level. On the other hand, 39000 will act as a major support level.

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Crude showed bearish movement and found the important support level of 2935. Now if it will close below the important support level of 2930 then 2900 will act as next support level. On the other hand 3050 will act as a major resistance level.

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Copper showed bullish movement and found the important resistance level of 436.25. Now if it will close above the important resistance level of 437 then 440 will act as next resistance level. On the other hand, 425 will act as a major support level.

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