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Expert Profitable Advice for MCX and Calls

Market Outlook

Gold prices traded higher on Friday, benefiting from a slump in the dollar to a ten-month low, following a pair of disappointing economic reports suggesting U.S. economic growth is not as robust as previously anticipated. Oil rose 1 percent on Friday, boosted by lower U.S. stockpiles, a slight slowdown in U.S. crude production and signs of increased Chinese demand, but trading was volatile as global supply remained strong. This morning nickel is looking stronger, while the rest seem in consolidation mode. Although China’s trade data was strong, data for copper imports showed weakness, which may have worried the market yesterday. Overall, we remain quietly bullish for the base metals.

Fundamental News

The timid inflation report comes amid fears that slow down inflation could weigh on the Federal Reserve’s ability to hike rates after Fed chair Janet Yellen, earlier this week, said future rate increases would be gradual.

China’s crude oil imports over the first six months of 2017 were 13.8 percent above the year-ago period, customs data showed. Asian traders are selling oil products out of tanks to meet soaring demand.

Gold showed bullish movement and found the important resistance level of 28073. Now if it will close above the important resistance level of 28100 then 28400 will act as next resistance level. On the other hand, 27600 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 37244. Now if it will close above the important resistance level of 37500 then 38000 will act as next resistance level. On the other hand, 36000 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 3010. Now if it will close above the important resistance level of 3020 then 3075 will act as next resistance level. On the other hand, 2900 will act as a major support level.

Copper showed bullish movement and found the important resistance level of 384.30. Now if it will close above the important resistance level of 386 then 390 will act as next resistance level. On the other hand, 375 will act as a major support level.

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