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Market Outlook

MCX Gold took sharp correction from higher to lower side on Friday but we will continue to suggesting bullish trend for upcoming trading session up to next resistance level of 38300 and after that 38500 will act as a next resistance level. MCX Crude oil fell from higher levels and settled down. For upcoming session, if price trades below 3850 levels then again bearish trend will active towards next support level of 3800 and higher side it has immediate resistance level at 3950. MCX Copper was quite volatile on Friday and if price sustains below 445 then this momentum can take price towards next intraday support at 440 and below this level again bearish bias will active.

Fundamental News

Gold fell 1% on Friday, weighed down by gains in the equity markets and the dollar, but fears of a global recession and lack of clarity on the U.S.-China trade war kept bullion on track for a third straight weekly gain.

Oil prices on Friday rebounded from a two-day drop, alongside equities as expectations of further stimulus by central banks helped to ease recession concerns.

Gold showed sideways to bearish movement and found the major support level of 37700. Now if price sustains on lower level then it will test next support level of 37500. On other side 38250 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 43500. Now if price sustains on lower level then it will test next support level of 43100. On other side 44200 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 3840. Now if price sustains on lower level then it will test next support level of 3760. On other side 3980 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 444. Now if price sustains on lower level then it will test next support level of 440. On other side 449 will be major resistance level.

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