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Market Outlook

MCX Gold price continues to fluctuate inside the bullish pennant pattern, waiting to breach this pattern’s resistance at 32400 to get a positive motive that pushes the price towards our next positive target that reaches 32550. Oil price settles above 3630 level, moving within bullish channel that appears on the chart, we believe that the chances are valid to resume the bullish trend that targets 3760. Against the continuous contradiction between the major indicators and its negative effect of the current trades, we notice that Copper price settles above the initial support 417, to increase the chances of resuming the previously expected bullish correction.

Fundamental News

On Thursday The Gold struggled to build on the overnight positive momentum and was again seen retreating from the top end of a near one-week-old trading range. On Thursday in Asia Crude Oil prices fell on Thursday in Asia after the U.S. Energy Information Administration (EIA) reported that U.S. crude oil production reached a record 11.9 million barrels per day in the week ending Jan. 11, up from 11.7 million bpd a week earlier.

GOLD

Gold showed sideways to bearish movement and found the major support level of 32200. Now if price sustains on lower level then it will test next support level of 32050. On other side 32390 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 39336. Now if price sustains on lower level then it will test next support level of 39000. On other side 39730 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 3718. Now if price sustains on higher level then it will test next resistance level of 3800. On other side 3630 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 424.35. Now if price sustains on higher level then it will test next resistance level of 428. On other side 419.35 will be major support level.

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