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Beneficial MCX Updates and Free Calls

Market Outlook

Gold prices held near their highest level in around a month on Tuesday, as market players 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. Oil prices extended gains on Tuesday after Saudi Arabia pledged to curb exports from next month and OPEC called on several members to boost compliance with output cuts to help rein in oversupply and tackle flagging prices. The base metals are looking stronger and the run-up in good volume suggests a change in sentiment, especially as this is happening during the normally slower summer months.

Fundamental News

Gold has been well-supported in recent sessions as ongoing political turmoil in the White House and weakness in the U.S. dollar spurred haven demand for the precious metal.

Uganda’s new-found oil reserves may account for as much as 4 percent of its economy annually in coming years if managed well, the International Monetary Fund’s country chief says.

Gold showed bearish movement and found the important support level of 28392. Now if it will close below the important support level of 28350 then 28000 will act as next support level. On the other hand, 28600 will act as a major resistance level.

Silver showed sideways to bullish movement and found the important resistance level of 38450. Now if it will close above the important resistance level of 38500 then 39000 will act as next resistance level. On the other hand, 37500 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 3098. Now if it will close above the important resistance level of 3100 then 3150 will act as next resistance level. On the other hand, 3000 will act as a major support level.

Copper showed bullish movement and found the important resistance level of 405.70. Now if it will close above the important resistance level of 410 then 415 will act as next resistance level. On the other hand, 392 will act as a major support level.

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