Today’s Market Analysis and Free MCX Calls

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Market Outlook

Gold price fluctuates around our first target mentioned yesterday at 1316.48 and moves below it now, which hints the continuation of the negative pressure on the intraday trading, Crude oil price succeeded to achieve our extended target at 61.40 after the strong decline that it witnessed yesterday, settling at the mentioned level now, the negative effect of the previously completed double top pattern still active, which supports the chances of extending the bearish wave to break the mentioned level. Copper price hinted postponing the bullish attack by facing additional negative pressures due to stochastic touch to 20 level, acing continuous negative pressures and attempting to crawl below the current support will cancel the bullish overview to expect the beginning of forming main negative trades in the upcoming period, which will target 2.9500 followed by 2.8600 levels.

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Fundamental News

Gold prices edged lower on Thursday, reaching their lowest level in around a month as the dollar firmed amid expectations of more U.S. interest rate hikes this year.

Crude oil futures extended losses on Thursday, as lingering concerns over rising production in the U.S. sent prices to their lowest levels in around five weeks. The producer group, along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018.

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Gold showed sideways to bullish movement and found the major resistance level of 30250. Now if price sustains on a higher level then it will test next resistance level of 30464. On another side, 29805 will be a major support level.

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Silver showed sideways to bullish movement and found the major resistance level of 38310. Now if price sustains on a higher level then it will test next resistance level of 38863. On another side, 37591 will be a major support level.

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Crude oil showed sideways to bearish movement and found the major support level of 3900. Now if price sustains on a lower level then it will test next support level of 3866. On another side, 3989 will be major resistance level.

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Copper showed sideways to bearish movement and found the major support level of 435.50. Now if price sustains on a lower level then it will test next support level of 433. On another side, 445.30 will be major resistance level.

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