Today’s Gold Market Movement and MCX Tips

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Market Outlook

Gold prices were trading at five-month lows on Friday, as optimism over the U.S. tax reform overhaul continued to support demand for the greenback ahead of the highly-anticipated U.S. nonfarm payrolls report due later in the day. Oil prices were stable on Friday as the weight of a strengthening U.S. dollar was countered by China’s relentless thirst for crude and the OPEC-led supply cuts that have gradually tightened the market this year. Natural gas futures plunged on Thursday, falling to the lowest levels of the session after data showed a surprise buildup in U.S. supplies in storage last week. Natural gas futures have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on early-winter heating demand.

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Fundamental News

Gold prices continued to come under pressure, heading for a third-straight day of losses as tax reform optimism continued to support an uptick in the dollar, reducing investor demand for the precious metal.

Crude oil prices settled higher on Thursday as a threatened strike in Nigeria and growing Middle East political tensions stoked fears of supply disruptions, while ongoing OPEC-led output curbs supported sentiment.

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Gold showed sideways to bullish movement and found the major resistance level of 28700. Now if price sustains on a higher level then it will test next resistance level of 28820. On another side, 28450 will be the major support level.

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Silver showed sideways to bullish movement and found the major resistance level of 37350. Now if price sustains on a higher level then it will test next resistance level of 37630. On another side, 36780 will be a major support level.

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Crude oil showed sideways to bullish movement and found the major resistance level of 3730. Now if price sustains on a higher level then it will test next resistance level of 3765. On another side, 3640 will be a major support level.

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Copper showed sideways to bearish movement and found the major support level of 424. Now if price sustains on a lower level then it will test next support level of 419. On another side, 431 will be major resistance level.

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