Expert Profitable Advice for MCX and Calls

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Market Outlook

Gold prices edged lower on Tuesday, moving back towards the lowest level in around four months as investors awaited comments from Federal Reserve Chair Janet Yellen for fresh cues on policy direction. Oil prices were lower on Tuesday, moving back towards a two-week trough, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products. The base metals are looking brighter with recent price weakness attracting some dip buying – lead and zinc prices look best placed to extend gains, copper and nickel prices seem to be turning higher, while aluminum consolidating.

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Fundamental News

Last week, gold prices dropped to almost four-month lows on Friday after a stronger-than-forecast U.S. jobs report boosted the dollar against a basket of the other major currencies.

The two countries had been exempted from the pact among major oil producers, led by the Organization of the Petroleum Exporting Countries, to limit global production and ease a glut of oil that has plagued the industry.

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Gold showed bullish movement and found the important resistance level of 27870. Now if it will close above the important resistance level of 28000 then 28400 will act as next resistance level. On the other hand, 27600 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 36824. Now if it will close above the important resistance level of 37000 then 37800 will act as next resistance level. On the other hand, 36000 will act as a major support level.

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 Crude showed bullish movement and found the important resistance level of 2926. Now if it will close above the important resistance level of 2930 then 3000 will act as next resistance level. On the other hand, 2830 will act as a major support level.

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Copper showed bullish movement and found the important resistance level of 383.20. Now if it will close above the important resistance level of 385 then 390 will act as next resistance level. On the other hand, 375 will act as a major support level.

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