TODAYS MCX MARKET UPDATES & NEWS

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Market Outlook
Gold price ended yesterday’s trading below 30550 level, to stuck between this resistance and the bullish support located now at 30380, the mentioned support will push the price to target 30150 level again. Crude oil price managed to touch our awaited target at 4165 and settles there; we will keep our bullish overview for the upcoming sessions conditioned by holding above 4175. Copper price repeat its fluctuation near 459.70 levels, and it keeps delaying the bullish rally in the current period until gaining new positive momentum, to succeed to surpass 462.50 barrier, to begin achieving the bullish targets.

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Fundamental News
Gold prices remained mildly supported on Tuesday; Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

Crude oil prices continued to hover near mutli-week highs on Tuesday, as optimism dominated amid news Saudi Arabia plans to continue cutting output levels. The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers.

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Gold showed sideways to bearish movement and found the major support level of 30000. Now if price sustains on lower level then it will test next support level of 29800. On other side 30700 will be major resistance level.

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Silver showed sideways to bearish movement and found the major support level of 37700. Now if price sustains on lower level then it will test next support level of 37500. On other side 38700 will be major resistance level.

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Crude oil showed sideways to bearish movement and found the major support level of 4044. Now if price sustains on lower level then it will test next support level of 3974. On other side 4172 will be major resistance level.

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Copper showed sideways to bearish movement and found the major support level of 444. Now if price sustains on lower level then it will test next support level of 440. On other side 460 will be major resistance level.

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