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Get Free MCX Tips and Gold, Crude Market News

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Market Outlook

Gold prices shrugged off  a mildly hawkish views on the prospect for interest rate hikes by the Fed Chief and rose in Asia on Thursday with investors looking to sharper policy guidelines from President-elect Donald Trump in his inaugural address at the end of the week. We expect in coming session it may trade sideways to bullish. Oil prices pared gains as the U.S. Energy Information Administration reported a surprise increase in the nation’s crude stockpiles as refinery activity fell. In coming session it may trade to bearish. Some base metals prices fell as a slowdown in the growth of Chinese home prices weighed heavily on sentiment. We expect in next session it may trade in bullish note.

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Fundamental News

Gold fell for a second straight session Thursday as the dollar gained in the wake inaction on interest rates, as expected, from the European Central Bank and relatively hawkish comments from Federal Reserve head Janet Yellen.

Oil pared gains after a government report showed U.S. crude stockpiles increased for a third week. Crude stockpiles rose 2.35 million barrels last week, according to the Energy Information Administration.

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Gold showed sideway to bearish movement and found the important support level of 28450. Now if it will sustain below the important support level of 28400 then 28200 will act as next support level. On the other hand 28650 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 40850. Now if it will sustain below 40800 then 40300 will act as next support level. On the other hand 41500 will act as a major resistance level.

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Crude showed sideways to bearish movement and found the important support level of 3480. Now if it will close above the important resistance level of 3575 then 3650 will act as next resistance level. On the other hand 3480 will act as a major support level.

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Copper showed sideways movement and found the important resistance level of 389. Now if it will close below the important support level of 390 then 385 will act as next support level. On the other hand 400 will act as a major resistance level.

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