Real Time Gold market News and Free MCX Trading Tips

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Market Outlook

Gold and silver trade sideways after very volatile movement yesterday. We expect gold to trade higher in the near term as demand is likely to get a boost from the upcoming Chinese Lunar New Year later this month. The fall in crude oil prices could be attributed to the strong US dollar and profit-booking. In the last few trading sessions, optimism around OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC producers agreeing to cut production fueled the bullish sentiment among traders and helped oil prices rise. In coming session we can seen bullish movement in crude. All base metals trade in green zone today and next session it will trade sideways to bullish.

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Fundamental News

Gold prices edged up on Wednesday as buoyant physical demand from major consumers China and India offset the impact of a stronger US dollar.

Oil prices ticked higher Wednesday, recovering some of Tuesday’s losses suffered in the last few hours of volatile trading after the New Year holiday.

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Gold showed sideway to sideways movement and found the important resistance level of 27825. Now if it will sustain below the important support level of 27900 then 28200 will act as next support level. On the other hand 27500 will act as a major resistance level.

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Silver showed sideways movement and found the important resistance level of 40600. Now if it will sustain below 39700 then 39000 will act as next support level. On the other hand 40700 will act as a major resistance level.
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Crude showed sideways to bullish movement and found the important resistance level of 3780. Now if it will close above the important resistance level of 3800 then 3850 will act as next resistance level. On the other hand 3550 will act as a major support level.

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Copper showed strong movement and found the important resistance level of 385.50. Now if it will close below the important support level of 374 then 368 will act as next support level. On the other hand 385 will act as a major resistance level.

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