Beneficial MCX Market Updates and Free MCX Tips

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Market Outlook

Gold prices were little changed near a three-and-a-half-month high as market players looked ahead to U.S. President Donald Trump’s address to Congress on Tuesday for further details on his promises of tax reform, deregulation and infrastructure spending. Oil prices rose with the market set to rise for five out of seven sessions as a global supply glut appears to ease, but rising U.S. production limited gains. Oil prices tumbled on Friday after data from U.S. Energy Information Administration showed U.S. crude inventories rose for a seventh straight week.

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Fundamental News

The biggest driver of gold has been the relatively weak US dollar. People think that Trump doesn’t want a strong dollar and the market thinks that perhaps there would not be a rate hike in the first half of the year.

OPEC and non-OPEC countries have made a strong start to lowering their oil output by almost 1.8 million barrels per day to 32.5 million by the end of June, with compliance currently at around 90%.

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Gold showed bullish movement and found the important support level of 29770. Now if it will maintain above the important resistance level of 29800 then 30000 will act as next resistance level. On the other hand 29600 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 43600. Now if it will maintain above 43600 then 44000 will act as next resistance level. On the other hand 43300 will act as a major support level.

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Crude showed sideways to bearish movement and found the important support level of 3620. Now if it will close above the important resistance level of 3670 then 3720 will act as next resistance level. On the other hand 3590 will act as a major support level.

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Copper showed sideways movement and found the important support level of 389. Now if it will close below the important support level of 388 then 380 will act as next support level. On the other hand 395 will act as a major resistance level.

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