Free MCX Trading Tips and Gold Market News Analysis

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Market Outlook

Gold prices are lower after a sharp rally yesterday as the dollar slumped and other safe havens gained following the Donald Trump press conference. We expect prices to trade range bound as the dollar edged up and a technical correction set in. Base metals ended mixed yesterday with nickel witnessing very choppy trade on reports about the Indonesian mining policy. We expect prices to trade higher for the day, after data showing China imported more copper last year and a weaker dollar boosted industrial metals. In energy sector, Chinese imports of oil also jumped in December. We expect oil prices to trade range bound for the day, supported by reports on details of OPEC output cuts. Click for Morea2

Fundamental News

Gold fell on Friday after hitting a seven-week peak in the previous session as the dollar edged up and a technical correction set in, but it was still set to end higher for a third straight week.

Oil prices are on track to end the week lower on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the health of the Chinese economy after it reported the steepest falls in exports since 2009.

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Gold showed sideway to bullish movement and found the important resistance level of 28550. Now if it will sustain below the important support level of 28250 then 28000 will act as next support level. On the other hand 28550 will act as a major resistance level. Click for More

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Silver showed bearish movement and found the important support level of 40500. Now if it will sustain below 40500 then 40000 will act as next support level. On the other hand 41500 will act as a major resistance level.

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Crude showed sideways to bullish movement and found the important resistance level of 3650. Now if it will close above the important resistance level of 3650 then 3700 will act as next resistance level. On the other hand 3550 will act as a major support level. Click for More

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Copper showed bullish movement and found the important resistance level of 405. Now if it will close below the important support level of 398 then 390 will act as next support level. On the other hand 405 will act as a major resistance level.

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