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Market Outlook

MCX Gold showed less volatility after the sharp fall in previous session as investors remained cautious after the Fed’s monetary policy. Although, the bullion traded below the previous close in weak zone and found strong support around 37500 whereas 38000 may continue to remain as stiff psychological resistance for it. MCX Crude oil after a flat opening gradually gained momentum during the session after heavy selling pressure in last two consecutive sessions. Now, 4250 is seen as resistance. MCX Copper traded on a subdued note with negative bias throughout the session. From current levels, 450 will restrict it to move higher whereas 445 is seen as immediate support.

Fundamental News

Gold prices were little changed on Thursday after a sharp fall in the previous session as a lack of clarity in the U.S. Federal Reserve’s monetary policy outlook kept investors cautious. Fed lowered interest rates for a second time this year in a 7-3 vote on Wednesday but signaled further cuts are unlikely as the labor market remains strong.

Oil prices rose sharply on Thursday, supported by supply risks brought about by last weekend’s drone attacks on Saudi oil infrastructure and a cut in U.S. interest rates.

GOLD

Gold showed bearish movement and found the major support level of 37532. Now if price sustains on lower level then it will test next support level of 37300. On other side 38000 will be major resistance level.

SILVER

Silver showed bearish movement and found the major support level of 45900. Now if price sustains on lower level then it will test next support level of 45500. On other side 47500 will be major resistance level.

CRUDE

Crude oil showed bearish movement and found the major support level of 4099. Now if price sustains on higher level then it will test next resistance level of 4200. On other side 4000 will be major support level.

COPPER

Copper showed bearish movement and found the major support level of 445.50. Now if price sustains on higher level then it will test next resistance level of 455. On other side 440 will be major support level.

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