Today’s MCX Market Calls and News

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Market Outlook

Gold price tested 1283 Level and keeps its stability below it; we will continue to suggest the bearish trend for today, the Trading range for yesterday is between 29315 Support and 29470 Resistance.Crude oil price traded with strong positivity yesterday to confirm breaching 3712 level. We will continue to suggest the bullish trend in the upcoming sessions, the Trading range for today is between 3710 Support and 3780 Resistance. The weaker tone in the base metals comes in spite of a positive global risk appetite, Lead (-0.25%) is the weakest performer, metals are generally weaker this morning,Zinc is in weak trend with -0.31%,Aluminium is with -0.07%%, Copper is with -0.26% and Nickel is with -0.82% in the evening session.

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Fundamental News

Gold prices edged lower in early trade on Tuesday, as investors sold the yellow metal to lock in profits following the nearly one percent gain in the previous session.

Crude Oil prices were relatively flat in early morning trade on Tuesday, pausing for breath after rallying to the highest level in more than two years in the prior session. Prices received another boost from 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 29500. Now if price sustains on a higher level then it will test next resistance level of 29620. On another side, 29300 will be a major support level.

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Silver showed sideways to bullish movement and found the major resistance level of 40100. Now if price sustains on a higher level then it will test next resistance level of 40350. On another side, 39500 will be a major support level.

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Crude oil showed sideways to bullish movement and found the major resistance level of 3750. Now if price sustains on a higher level then it will test next resistance level of 3785. On another side, 3700 will be a major support level.

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Copper showed sideways to bearish movement and found the major support level of 443. Now if price sustains on a lower level then it will test next support level of 433. On another side, 453 will be major resistance level.

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