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Edge in MCX Market

Market Outlook

Gold prices steadied below their highest level in about a year early on Thursday, as markets braced for the latest meeting of the European Central Bank for fresh clues on when it will start to shift away from its ultra-easy policy. Oil prices dipped on Thursday over fears that Hurricane Irma in the Caribbean could interrupt crude shipments in and out of the United States and as Libyan output began to recover from disruptions. However, prices received some support from rising demand in the United States, where Gulf Coast refineries are restarting in the wake of Hurricane Harvey that hit the region less than two weeks ago.

Fundamental News

Gold prices retreated from a one-year high pressured by a rebound in the dollar on news that President Donald Trump agreed on Wednesday that Congress should pass an extension of the U.S. debt limit and raise the debt ceiling, which caps how much money the U.S. government can borrow.

Oil market participants have become used to tropical storms causing no lasting damage to the energy infrastructure. This may change now, prompting the market to price in something of an uncertainty premium.

Gold showed bullish movement and found the important resistance level of 30368. Now if it will close above the important resistance level of 30400 then 30700 will act as next resistance level. On the other hand, 29700 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 41775. Now if it will close above the important resistance level of 41800 then 42500 will act as next resistance level. On the other hand, 41000 will act as a major support level.

Crude showed sideways to bearish movement and found the important support level of 3116. Now if it will close below the important support level of 3100 then 3050 will act as next support level. On the other hand, 3200 will act as a major resistance level.

Copper showed sideways to bearish movement and found the important support level of 441.50. Now if it will close below the important support level of 440 then 435 will act as next support level. On the other hand, 450 will act as a major resistance level.

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