Overview and Daily Updates of MCX Market

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Market Outlook

Gold prices inched a bit higher on Tuesday but remained within sight of their lowest level in around three weeks as investors looked ahead to a Federal Reserve policy meeting for any new insight on the timing of the next U.S. rate hike and clues on how the central bank plans to pare back its balance sheet. Crude oil prices rose back toward the five-month highs seen last week on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to weigh what the impact of recent storm activity was on supply and demand.

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Fundamental News

Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A 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 is expected to continue talks to extend its production-cut agreement beyond March 2018 in an effort to tackle rising output from Nigeria and Libya – both countries are exempt from production curbs.

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Gold showed bullish movement and found the important resistance level of 29682. Now if it will close above the important resistance level of 29700 then 30000 will act as next resistance level. On the other hand, 29300 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 40148. Now if it will close above the important resistance level of 40300 then 40800 will act as next resistance level. On the other hand, 39000 will act as a major support level.

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Crude showed bearish movement and found the important support level of 3217. Now if it will close below the important support level of 3200 then 3150 will act as next support level. On the other hand, 3300 will act as a major resistance level.

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Copper showed bullish movement and found the important resistance level of 425.55. Now if it will close above the important resistance level of 426 then 430 will act as next resistance level. On the other hand, 415 will act as a major support level.

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