Free MCX Tips & Base Metals Market News

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Market Outlook

Gold prices were little changed near a four-week high on Monday, as the latest ballistic missile test by North Korea supported safe-haven demand. Last week, gold rose to a nearly one-month high Friday, shrugging off a rise in the dollar to a four-day high, following an upward revision to U.S. economic growth and expectations the Federal Reserve would hike its benchmark rate in June. Oil prices slipped on Monday as further increases in U.S. drilling activity undercut an OPEC-led push to tighten supply. Trading was subdued due to public holidays in China, the United States and Britain, but concerns lingered over whether OPEC action would be enough to stem the tide of oversupply.

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Fundamental News

Gold is sensitive to moves higher in both U.S. rates and the dollar – stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates; lift the opportunity cost of holding non-yielding assets such as bullion.

OPEC’s success in drawing down inventories may hinge on output in the United States, which is not participating in the cuts. U.S. production has soared 10 percent since mid-2016 to more than 9.3 million bpd, close to top producer levels Russia and Saudi Arabia.

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Gold showed sideways movement and found the important resistance level of 28900. Now if it will close above the important resistance level of 28950 then 29150 will act as next resistance level. On the other hand 28600 will act as a major support level.

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Silver showed sideways to bullish movement and found the important resistance level of 40335. Now if it will close above the important resistance level of 40500 then 41000 will act as next resistance level. On the other hand 39700 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 3252. Now if it will close above the important resistance level of 3260 then 3300 will act as next resistance level. On the other hand 3200 will act as a major support level.

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Crude showed bullish movement and found the important resistance level of 3252. Now if it will close above the important resistance level of 3260 then 3300 will act as next resistance level. On the other hand 3200 will act as a major support level.

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Copper showed sideways to bearish movement and found the important support level of 365. Now if it will close below the important support level of 365 then 358 will act as next support level. On the other hand 372 will act as a major resistance level.

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