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Gain Higher Profits With Live MCX Tips

Market Outlook

Gold price seen some correction on Tuesday at higher level if it sustain above 43000 level then on the higher end, price reached towards 43800, where it found resistance. MCX Crude price has moved down sharply leading to formation of large red candle on the daily chart.On the lower end, price has support at 3650/3610 over the near term. On the higher end, resistance is visible at 3700/3760.MCX Copper has slipped below previous swing low, which has a bearish significance. On the lower end, support seen at 419/415 whereas on the higher end, resistance seen at 425/429.

Fundamental News

Gold prices fell more than 2% on Tuesday in Asia and are set to record their first decline in five days. Increase in the number of new coronavirus cases outside of China over the past few days provided support for the safe-haven metal, which has risen to its 7-year highs last week.

Oil climbed on Tuesday as investors sought bargains after crude benchmarks slumped almost 4% in the previous session, although concerns about the coronavirus spreading out of China and curbing major economies and fuel demand capped gains.

Gold showed bearish movement, found major support around level of 42371. Now if price maintains on higher level then it will test next resistance level of 43500. On other side 42000 will be major support level.

Silver showed bearish movement and major support around level of 47350. Now if price sustains below 47300 levels then it will test support level of 46700. On other side 49000 will be major resistance level.

Crude oil showed bearish movement and major support level of 3629. Now if price sustains on lower level then next support level is 3550. On other side 3750 will be major resistance level.

Copper showed bearish movement and found major support around level of 420.70. Now if price sustain on lower level then next support level will be 420. And 435 will be major resistance level.

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