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Analysis Report For MCX Trading 7-May

Market Outlook
MCX Gold price returns to fluctuate near the key resistance 31150, and we still waiting to surpass this resistance, break 30850 support to detect the next destination clearly, oil price rallied upwards strongly to succeed reaching our first waited target at 4665, reinforcing the expectations of achieving more gains in the upcoming sessions, MCX Copper price continued its consolidation within the bullish channel to notice its stability above 452.50 support line.The price preparation to renew the bullish attempts and target 462.

Fundamental News 

Precious metal prices continued to hover around breakeven on Friday after a weaker U.S. jobs report kept a lid on the dollar but did little to dampen the prospect of further Federal Reserve rate hikes.Oil prices settled at three-and-a-half-year highs as traders increased their bets the U.S. would pull out the Iran nuclear deal next week, raising the potential for tighter global crude stockpiles.

Gold showed sideways to bullish movement and found the major resistance level of 31139. Now if price sustains on higher level then it will test next resistance level of 31277. On other side 30990 will be major support level. Silver showed sideways to bullish movement and found the major resistance level of 39774. Now if price sustains on higher level then it will test next resistance level of 39870. On other side 39521 will be major support level. Crude oil showed sideways to bullish movement and found the major resistance level of 4678. Now if price sustains on higher level then it will test next resistance level of 4700. On other side 4560 will be major support level. Copper showed sideways to bullish movement and found the major resistance level of 460. Now if price sustains on higher level then it will test next resistance level of 461.10. On other side 453.55 will be major support level.

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