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Latest Bullion Updates of Mcx Market

Market Outlook

Mcx Gold price begins today’s trading with bearish bias to move near 30100 level & we still waiting to break this level to confirm extending the bearish wave towards our next target at 29850. Oil price closed yesterday’s trading below 4730 level, which hints the continuation of the bearish trend on the short term basis, Mcx copper price that keep fluctuating between the initial resistance at 425.50 and the stable support line at 419, lacking the negative momentum.

Fundamental News

On Tuesday precious metal price were little changed as the dollar steadied ahead of the U.S. Federal Reserve Chairman Jerome Powell’s first congressional testimony. Crude Oil prices rebounded on Tuesday after plunging more than 4% in the previous session as U.S. President withdrew the U.S. from the 2015 Iran nuclear deal and restored sanctions on Tehran in May.

GOLD

Gold showed sideways to bearish movement and found the major support level of 29701. Now if price sustains on lower level then it will test next support level of 29550. On other side 30087 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 38403. Now if price sustains on lower level then it will test next support level of 38093. On other side 39080 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4682. Now if price sustains on higher level then it will test next resistance level of 4737. On other side 4585 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 417.10. Now if price sustains on lower level then it will test next support level of 409. On other side 425.80 will be major resistance level.

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