Today’s Crude Oil Market Updates and Free MCX Tips

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Market Outlook

Gold started trading at a discount to official prices in India on Friday for the first time in seven weeks, and buyers elsewhere in Asia held back purchases, waiting for rallying bullion prices to ease. The dollar wallowed near a one-week low against a basket of currencies after upbeat economic data failed to lift Treasury yields. U.S. oil slipped lower on Friday, as investors remained cautious following reports the Organization of the Petroleum Exporting Countries could prolong its output cut plan in order to counter the effects of rising U.S. production.

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Fundamental News

Gold prices slipped lower as the U.S. dollar slightly recovered from losses posted in the previous session, although ongoing geopolitical concerns were likely to continue to support safe-haven demand.

Oil prices edged up lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang. The OPEC and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017.

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Gold showed sideways movement and found the important resistance level of 29450. 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 43000. 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 3615. Now if it will close above the important resistance level of 3625 then 3700 will act as next resistance level. On the other hand 3580 will act as a major support level.

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Copper showed bearish movement and found the important support level of 396.30. Now if it will close below the important support level of 395 then 392 will act as next support level. On the other hand 403 will act as a major resistance level.

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