Free MCX Tips and Market Alert

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Market Outlook

Gold prices continued lower on Wednesday, extending losses into a third session, as investors looked ahead to minutes of the Federal Reserve’s latest policy meeting for further hints on the timing of the next U.S. rate hike and clues on how the central bank plans to pare back its balance sheet. Oil prices edged higher on Wednesday, bouncing off their lowest levels in three weeks amid speculation weekly supply data due later in the session will show another big drop in U.S. crude inventories.

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Fundamental News

The yellow metal suffered its steepest one-day drop in nearly six weeks on Tuesday after strong data on U.S. retail sales and manufacturing activity kept alive the chance of another Fed rate hike by the end of this year.

China’s energy demands will peak by 2040, later than the previous forecast of 2035, as transportation fuel consumption continues to rise through the middle of this century, state-owned oil major China National Petroleum Corp.

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Gold showed bearish movement and found the important support level of 28800. Now if it will close below the important support level of 28800 then 28500 will act as next support level. On the other hand, 29300 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 38305. Now if it will close below the important support level of 38300 then 38000 will act as next support level. On the other hand, 39500 will act as a major resistance level.

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Crude showed bearish movement and found the important support level of 3027. Now if it will close below the important support level of 3000 then 2950 will act as next support level. On the other hand, 3100 will act as a major resistance level.

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Copper showed bullish movement and found the important resistance level of 422.10. Now if it will close above the important resistance level of 425 then 430 will act as next resistance level. On the other hand, 405 will act as a major support level.

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