Beneficial Crude Oil Market Updates and Free MCX Tips

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Market Outlook

Gold prices were modestly up in on Monday, starting the week off with small gains as investors continued to assess the impact of the latest bout of U.S. political turmoil. Gold was good up move and weekly gain of around 2% last week, after the mid-April, as political uncertainty surrounding the Trump administration pressured the dollar lower and boosted demand for safe-haven assets. Oil prices were higher in Monday, touching the strongest level in around four weeks and gain 10% from its low, bolstered by confidence that top exporters will this week agree to extend supply curbs, with suggestions the cuts could even be deepened. All the base metals traded on higher side.

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Fundamental News

 The dollar steadied close to six-month lows against a basket of currencies on Monday, as investors took stock of a week of political turmoil in the United States and a resurgent euro zone economy.

Oil Prices have raised on expectations that the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, will extend for another six or nine months a deal to cut supplies by 1.8 million barrels per day (bpd).

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Gold showed sideways movement and broke the important resistance level of 28700 but not sustains on higher level. In lower side 28500 will act as a major support level and upward side 28900 will act next resistance level.

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Silver showed bullish movement and found the important resistance level of 39900. Now if it will close above the important resistance level of 40000 then 40600 will act as next resistance level. On the other hand 39500 will act as a major support level.

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Crude showed bullish movement and find the important resistance level of 3350. Now if it will close above the important resistance level of 3350 then 3400 will act as next resistance level. On the other hand 3270 will act as a major support level.

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Copper showed bullish movement and find the important resistance level of 373. Now if it will close above the important resistance level of 373 then 378 will act as next resistance level. On the other hand 366 will act as a major support level.

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