MCX Trading Tips, News Alerts and Calls

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Market Outlook

Gold futures aimed for a fourth-straight advance Thursday, trading at two-week highs and trimming a roughly 2% December decline, as the dollar index pulled back from 14-year highs and stocks scuffled. we expect in coming session it may be trade to bullish. Oil prices fell on Wednesday after having to 18-month highs as oil markets are anticipating OPEC cuts that are expected to be made starting January 1 next year. The American Petroleum Institute’s (API) weekly report showed build of 4.2 million barrels to the United States’ commercial crude inventories, instead of an expected 1.5 million-barrel draw. In next working session crude may be trade sideways to bullish.

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Fundamental News

Gold prices rose to their highest in two weeks on Thursday, as the US dollar fell, but gains were limited on expectations of more rate hikes by the US Federal Reserve next year.

Oil prices slipped on Thursday after official government data showed U.S. crude stockpiles rose last week more than analysts expected, while gasoline stocks and distillate inventories fell.

Natural gas prices retreated Thursday as moderating weather reports encourage some pullback from a strong rally, despite a larger-than-expected withdrawal from stockpiles.

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Gold showed bullish movement and found the important resistance level of 27600. Now if it will sustain below the important support level of 27400 then 27200 will act as next support level. On the other hand 27700 will act as a major resistance level.

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Silver showed bullish movement and found the important resistance level of 39950. Now if it will sustain below the important support level of 39500 then 39000 will act as next support level. On the other hand 40000 will act as a major resistance level.

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Crude showed sideways to bearish movement and found the important support level of 3650. Now if it will close above the important resistance level of 3715 then 3760 will act as next resistance level. On the other hand 3620 will act as a major support level.

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Copper showed weak movement and found the important support level of 374. Now if it will close below the important support level of 374 then 368 will act as next support level. On the other hand 378 will act as a major resistance level.

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