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Free MCX Tips and Crude Oil Market News

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Market Outlook

Gold and silver Continuing its upward trend for a second straight day, gold prices rose around 0.50% as a slightly weaker dollar and in coming session gold & silver may be trade sideways to bullish. After a long weekend and slow growth last week, crude oil prices soared significantly during Tuesday’s and Wednesday trade, supported by the optimism of the production cut deal, which is likely to begin next week. In addition, oil markets received solid support from comments of Saudi Arabia’s Energy Minister, who said oil prices are likely to improve in FY2017, as output cuts will rebalance the market. Base metals trade in negative zone today and we expect base metal price will trade bearish in next working days.

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Fundamental News

Continuing its upward trend for a second straight day, gold prices rose by another Rs 175 to Rs 28,200 per 10 grams on positive global cues and increased buying by jewellers.

Oil prices rose for a fourth straight session on Wednesday, with traders waiting to see if OPEC will make good on its promises to cut output in the new year.

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Gold showed sideways movement and found the important support level of 27200. Now if it will sustain below the important support level of 27100 then 26850 will act as next support level. On the other hand 27300 will act as a major resistance level.

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Silver showed bullish movement and found the important resistance level of 39600. Now if it will sustain below the important support level of 39100 then 38500 will act as next support level. On the other hand 39600 will act as a major resistance level.

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Crude showed sideways to bullish movement and found the important resistance level of 3712. Now if it will close above the important resistance level of 3715 then 3760 will act as next resistance level. On the other hand 3670 will act as a major support level.

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Copper showed sideways movement and found the important resistance level of 381. Now if it will close below the important support level of 375 then 370 will act as next support level. On the other hand 383 will act as a major resistance level.

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