Beneficial Copper Updates and Free MCX Tips

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copper wire1-kLwF--621x414@LiveMint

Market Outlook

Gold prices bounced back after a sharp fall on Tuesday amid heightened geopolitical risk after North Korea said it had successfully test-fired an intercontinental ballistic missile. Oil prices fell on Tuesday, halting a run of eight straight days of gains on signs that a persistent rise in U.S. crude production is running out of steam. The falls came after both benchmarks recovered around 12 percent from their recent lows on June 21.The stronger tone of late in the base metals has ended for now with prices either pausing or starting to put in a down day today. With the USA closed today, there may have been some profit-taking around and also option declaration tomorrow may prompt some selling too.

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Fundamental News

Gold is set to make a negative start to the month, after better than expected manufacturing data fuelled U.S. rate hike expectations, underpinning a move higher in U.S. bond yields, lessening demand for non-interest bearing gold.

Late May and most of June were overwhelmingly bearish as U.S. output rose and doubts grew over the ability of the Organization of the Petroleum Exporting Countries (OPEC) to hold back enough production to tighten the market.

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Gold showed bearish movement and found the important support level of 28073. Now if it will close below the important support level of 28000 then 27700 will act as next support level. On the other hand, 28450 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 37564. Now if it will close below the important support level of 37500 then 37000 will act as next support level. On the other hand, 38500 will act as a major resistance level.

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Crude showed bullish movement and found the important resistance level of 3073. Now if it will close above the important resistance level of 3075 then 3100 will act as next resistance level. On the other hand, 3000 will act as a major support level.

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Copper showed sideways to bearish movement and found the important support level of 383.80. Now if it will close below the important support level of 380 then 373 will act as next support level. On the other hand, 390 will act as a major resistance level.

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