Daily Updates About MCX Market and News

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mcx

Market Outlook

Precious metals are trading flat on COMEX today. We expect prices to trade higher for the day as dollar weakened and US data gave mixed readings. In Base metals sector, every metal other than aluminum went down by significant percentages yesterday. Copper also went down with the swinging effect in dollar and also somewhat weaker intrinsic fundamentals. On the MCX, we expect copper and nickel prices to trade lower while range bound in others. Crude oil prices were under pressure yesterday after the recent rally, as a slide in oil prices on bearish U.S. On intraday basis we expect range bound trade in crude oil.

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Fundamental News

Gold retreated into the red on Thursday after the dollar rebounded on the back of the shock decision by the European Central Bank to reduce its asset purchases.

Oil prices gave up some early gains to turn lower in Asian trade on Thursday on mixed U.S. crude stocks data and doubts over OPEC’s implementation of an output cut, although a weaker dollar put a floor under prices.

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Gold showed bearish movement and found the important support level of 27760. Now if it will close below the important support level of 27700 then 27500 will act as next support level. On the other hand 28000 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 41350. Now if it will close below the important support level of 41000 then 40000 will act as next support level. On higher side 42000 will act as vital resistance level.

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Crude showed sideways movement and found the important support level of 3350. Now if it will close below the important support level of 3345 then 3300 will act as next support level. On higher side 3480 will act as vital resistance level.

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Copper showed bearish movement and found the important support level of 390.70. Now if it will close below the important support level of 390 then 380 will act as next support level. On higher side 400 will act as vital resistance level.

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