Today’s Market Prediction and MCX Tips

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Market Outlook

Gold price settles near 1272.30, falling under the negative pressure formed in the morning session, which supports the chances of breaking the lower level to open the way to extend the bearish wave towards the next station. We will continue to suggest the bearish trend in the upcoming sessions and evening session trading range for yesterday MCX is between 29100 Support and 29380 Resistance. Crude oil price keeps its positive trading to approach from our next target at 3780, which supports the continuation of our positive expectations efficiently in the upcoming period. Zinc prices higher by Rs 0.89% at Rs 210.75 per kg in futures trade, Copper price sideways to up with Rs.1.16% at Rs.450.95 per kg in futures. Nickel prices were by 2.07% at Rs 837.10 per kg in futures trade yesterday.

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Fundamental News

Gold prices started the week near their lowest level in three months on Monday, as largely upbeat U.S. economic data reinforced already high expectations that the Federal Reserve will raise rates at its December meeting, and that further hikes are likely in 2018.

Crude prices started the week on an upbeat note on Monday, boosted by expectations that oil producing countries will agree to extend an output cut at their meeting at the end of this month.

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Gold showed sideways to bullish movement and found the major resistance level of 29350. Now if price sustains on a higher level then it will test next resistance level of 29450. On another side, 29100 will be a major support level.

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Silver showed sideways to bullish movement and found the major resistance level of 39900. Now if price sustains on the higher level then it will test next resistance level of 40250. On another side, 39100 will be the major support level.

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Crude oil showed sideways to bullish movement and found the major resistance level of 3710. Now if price sustains on a higher level then it will test next resistance level of 3745. On another side, 3600 will be the major support level.

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Copper showed sideways to bearish movement and found the major support level of 447. Now if price sustains on the lower level then it will test next support level of 443. On another side, 454 will be major resistance level.

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