Best MCX Premium Tips and Calls

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Market Outlook

Gold prices regained some ground on Friday, pulling away from the previous sessions more than three-week lows as threats from North Korea encouraged investors to flock to safe-haven assets. Crude oil prices edged higher on Friday, as traders awaited the conclusion of a highly-anticipated meeting of the Organization of the Petroleum Exporting Countries in Vienna. The metals are looking weak as the corrections continue; copper and nickel prices have set off on their second down legs, while the rest of the metals are consolidating recent gains. Although we are broadly bullish, we have thought prices had run ahead.

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Fundamental News

Gold prices slid to a more than four-week low as a somewhat hawkish Federal Reserve said Wednesday it would start to unwind its massive portfolio of bonds in October and signaled that a year-end rate hike remained appropriate.

Prices have been hovering near multi-month highs in recent sessions, buoyed by bullish demand forecasts from OPEC and the International Energy Agency published late last week.

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Gold showed sideways to bearish movement and found the important support level of 29556. Now if it will close below the important support level of 29400 then 29100 will act as next support level. On the other hand, 29800 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 39630. Now if it will close below the important support level of 39500 then 39000 will act as next support level. On the other hand, 40400 will act as a major resistance level.

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Crude showed sideways to bullish movement and found the important resistance level of 3308. Now if it will close above the important resistance level of 3315 then 3350 will act as next resistance level. On the other hand, 3200 will act as a major support level.

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Copper showed bullish movement and found the important resistance level of 423.85. Now if it will close above the important resistance level of 425 then 430 will act as next resistance level. On the other hand, 410 will act as a major support level.

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