Free MCX Tips and Gold Market News

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Gold and silver bars. Vector illustration

 

Market Outlook

Gold prices rose to a one-week high on Thursday, as the U.S. dollar pulled back from its strongest level in more than a month, supporting demand for the yellow metal. In coming session it may trade to more bullish. Oil prices steadied on Thursday as record crude and gasoline inventories in the United States dragged on prices, though OPEC supply cuts helped to support the market. Next session it may trade sideways to bearish. All base metals trade in negative zone on Thursday and it may to continue bearish movement in coming session.

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Fundamental News

Gold Futures benefited from a retreat in the dollar, despite strong U.S. economic data which confirmed that the growth story in the U.S. economy remains on track. Gold’s comeback from its three-month low of $1123.50 set on Dec 1 appears to be at risk as expectations of a March rate hike accelerate.

Oil prices fell slightly as record high U.S. crude and gasoline inventories fed concerns about a glut.

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Gold showed bullish movement and found the important resistance level of 29442. Now if it will maintain above the important resistance level of 29450 then 29600 will act as next resistance level. On the other hand 29200 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 43131. Now if it will maintain above 43200 then 43600 will act as next resistance level. On the other hand 42500 will act as a major support level.

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Crude showed sideways to bullish movement and found the important resistance level of 3600. Now if it will close above the important resistance level of 3625 then 3700 will act as next resistance level. On the other hand 3520 will act as a major support level.

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Copper showed bearish movement and found the important support level of 398.10. Now if it will close below the important support level of 397 then 392 will act as next support level. On the other hand 410 will act as a major resistance level.

 

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