Upcoming MCX Gold Market News 21 Aug 2017

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Market Outlook

Gold prices were roughly unchanged on Friday struggling to take advantage of a slump in the dollar, following continued political uncertainty in Washington as Steve Bannon resigned from his role as White House chief strategist.  Crude futures settled higher on Friday, on the back of unconfirmed reports of a shutdown of one of the largest oil refineries in the U.S., easing investor concerns about the glut in supply. Base metals may experience some weakness today should the return to risk aversion continue and force eventually market players to cut exposure to the industrial metals following explosive gains earlier in the week.

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Fundamental News

The precious metal was also supported by a weaker U.S. dollar on Friday, amid concerns U.S. President Donald Trump will not be able to implement his agenda, as he faces mounting opposition even from within his own political party.

Oil traders were also sensitive to overall risk-aversion on global markets after a van rammed into pedestrians in a crowded tourist area of Barcelona on Thursday evening, killing at least 13 people and injuring 100 others.

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Gold showed sideways to bullish movement and found the important resistance level of 29443. Now if it will close above the important resistance level of 29500 then 29800 will act as next resistance level. On the other hand 28800 will act as a major support level.

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Silver showed sideways to bullish movement and found the important resistance level of 39667. Now if it will close above the important resistance level of 39700 then 40000 will act as next resistance level. On the other hand 38500 will act as a major support level.

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Crude showed bullish movement and found the important resistance level of 3111. Now if it will close above the important resistance level of 3120 then 3150 will act as next resistance level. On the other hand 3000 will act as a major support level.

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Copper showed sideways to bearish movement and found the important support level of 413.55. Now if it will close below the important support level of 413 then 405 will act as next support level. On the other hand 425 will act as a major resistance level.

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