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Live Intraday MCX Tips and Plans

Market Outlook

Gold prices moved higher on Friday, but gains were expected to remain limited as the greenback recovered from recent losses posted after the release of the minutes of the Federal Reserve’s meeting. Oil prices edged back up on Friday after a 5 percent fall in the previous session on disappointment that an OPEC-led decision to extend current production curbs did not go deeper. U.S. oil production has already risen by 10 percent since mid-2016 to over 9.3 million bpd, close to the output of top producers Russia and Saudi Arabia. Aluminium and copper are the base metals looking the strongest as prices gradually work higher, while zinc and tin prices are consolidating recent gains and lead and nickel remain under pressure.

Fundamental News
A stronger U.S. dollar usually weighs on gold, as it weakens the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
Producers have expressed confidence that this plan will bring down crude oil stocks to their five-year average of 2.7 billion barrels but the market had hoped for a last-minute agreement on more far-reaching action.

Gold showed sideways movement and found the important resistance level of 28950. Now if it will close above the important resistance level of 28950 then 29150 will act as next resistance level. On the other hand 28600 will act as a major support level.

Silver showed sideways movement and found the important resistance level of 40200. Now if it will close above the important resistance level of 40200 then 40700 will act as next resistance level. On the other hand 39700 will act as a major support level.

Crude showed sideways movement and found the important support level of 3100. Now if it will close below the important support level of 3100 then 3050 will act as next support level. On the other hand 3250 will act as a major resistance level.

Copper showed sideways to bearish movement and broke the important level of 365. Now if it will close below the important support level of 365 then 358 will act as next support level. On the other hand 372 will act as a major resistance level.

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