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Latest Market Report on MCX by Experts

Market Outlook
MCX Gold price still stuck between the critical levels that represented by 30850 support and 31100 resistance, Breaking the mentioned support will extend the bearish correctional wave to reach 30680 as a next station, Oil price provided positive trading in attempt to confirm breaching 4530 level, to keep the bullish trend scenario valid on the intraday and short term basis, MCX Copper price continues to fluctuate above the bullish channel’s support line, while lacking the positive momentum forms threat to this stability.

Fundamental News

Precious metal prices moved higher on Thursday, buoyed by a slightly softer dollar but the upside for the precious metal looked likely to remain limited ahead of Friday’s U.S. employment report, which could provide fresh impetus to the dollar.

Oil prices edged higher in early action on Thursday, shrugging off concerns over a rise in U.S. oil inventories and record weekly domestic production.

Gold showed sideways to bullish movement and found the major resistance level of 31122. Now if price sustains on higher level then it will test next resistance level of 31190. On other side 30925 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39870. Now if price sustains on higher level then it will test next resistance level of 40345. On other side 39400 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4580. Now if price sustains on higher level then it will test next resistance level of 4610. On other side 4492 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 461.10. Now if price sustains on higher level then it will test next resistance level of 465.50. On other side 453.25 will be major support level.

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