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MCX Market Analysis and News

Market Outlook

Gold prices climbed to the highest level in more than two weeks on Tuesday, as the dollar dived after the Republican health care bill aimed at replacing Obamacare failed to get enough backing to proceed to a debate. Oil markets steadied on Tuesday supported by firm demand but weighed down by high supplies from OPEC and producers in the United States. The metals have turned weaker as Europe has opened. On Monday, there were definite signs of strength in some of the metals, notably copper, zinc, and nickel, while higher price levels in the rest led to some selling, which now appears to be rolling into the other metals too. Given the continued fall in the dollar, we would expect dips to be supported. Overall we remain quietly bullish for the base metals.

Fundamental News

A weaker dollar has helped shore up sentiment and gold prices. The market will now look towards Thursday and a meeting of the European Central Bank for fresh clues on when the central bank will shift away from its ultra-easy policy.

U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes said on Friday.

Gold showed bullish movement and found the important resistance level of 28285. Now if it will close above the important resistance level of 28300 then 28500 will act as next resistance level. On the other hand, 27600 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 37776. Now if it will close above the important resistance level of 37800 then 38300 will act as next resistance level. On the other hand, 37000 will act as a major support level.

Crude showed bearish movement and found the important support level of 2949. Now if it will close below the important support level of 2945 then 2900 will act as next support level. On the other hand, 3020 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 2949. Now if it will close below the important support level of 2945 then 2900 will act as next support level. On the other hand, 3020 will act as a major resistance level.

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