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Market Outlook

MCX Gold traded on a flat note with negative bias and 37500 acted as strong support for the bullion. On higher side, 38000 is still acting as strong resisatnce whereas 37470 may act as key support level from current levels and any closing below it can result in strong bearishness.   MCX Crude has been constantly facing resistance at higher levels i.e. 4200-4220 and hence is trafing in a strong zone sinmce last few sessions. Major support range on intraday charts is seen around 4150-4120. MCX Copper is able to sustain at higher levels in previous session where 440 acted as strong resistance. Correction can be seen if it surpasses and holds below the near support of 437.

Fundamental News

Gold was trading in a tight range on Tuesday ahead of a two-day rate-setting meeting by the U.S. central bank, with investors awaiting clarity on whether a next round of U.S. tariffs on Chinese goods will come into effect this weekend. Oil prices slipped on Tuesday for a second straight session as the cons of a slowing global demand outlook outweighed the pros of OPEC’s agreement with associated producers at the end of last week to deepen crude output cuts in early 2020.

GOLD

Gold showed bearish movement and major support around level of 37534. Now if price maintains on higher level then it will test next resistance level of 37800. On other side 37400 will be major support level.

SILVER

Silver showed bearish movement and major support around level of 43410. Now if price maintains on higher level then it will test next resistance level of 44000. On other side 42800 will be major support level.

CRUDE

Crude oil showed bullish movement and major resistance level of 4214. Now if price sustains on lower level then it will test next support level of 4100. On other side 4350 will be major resistance level.

COPPER

Copper showed bullish movement and found major resistance around level of 438.90. Now if price sustain on lower level then next support level will be 435. And 445 will be major resistance level.

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