Upcoming MCX Market News 22 Jan 2018

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Market Outlook

Gold price keeps proving the positive trading to move away from the key support 1321.49, keeping the bullish trend valid in the upcoming sessions, reminding you that our next target is located at 1357.53, which breaching it represents the key to rally towards 1375.00 followed by 1404.00 levels as next main stations. Crude oil price shows positive trades since morning, we prefer staying aside temporarily until we get a clearer signal for the next trend, noting that breaching 63.85 will push the price to achieve more gains and visit 64.87 level as a next main station. Copper price couldn’t move until this morning due to the contradiction between the main indicator, which forces it to provide extra sideways trading, and continue delaying the waited bullish rally; the trading range for today is between 451 and 457.

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Fundamental News

Gold prices moved higher on Friday, as sentiment on the U.S. dollar weakened amid fears of an imminent U.S. government shutdown. Sentiment on the greenback was vulnerable as U.S. lawmakers were struggling to agree on a federal budget deal on Thursday.

Oil prices slid on Friday, putting them on course for the biggest weekly falls since October, as a bounce-back in U.S. production outweighed ongoing declines in crude inventories. In the United States, crude inventories fell 6.9 million barrels in the week to Jan. 12, to 412.65 million barrels.

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Gold showed sideways to bullish movement and found the major resistance level of 29850. Now if price sustains on a higher level then it will test next resistance level of 29955. On another side, 29595 will be a major support level.

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Silver showed sideways to bullish movement and found the major resistance level of 39290. Now if price sustains on a higher level then it will test next resistance level of 39487. On another side, 38666 will be a major support level.

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Crude oil showed sideways to bearish movement and found the major support level of 4007. Now if price sustains on a lower level then it will test next support level of 3950. On another side, 4107 will be major resistance level.

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Copper showed sideways to bearish movement and found the major support level of 447. Now if price sustains on a lower level then it will test next support level of 443.80. On another side, 456 will be major resistance level.

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