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MCX News & Trading Updates | 09-April

Market Outlook
MCX Gold price touched 30749 level & stable below it and losing the bullish momentum on the four hours’ time chart, which supports the continuation of our bearish overview. Oil price succeeded to break 4072 level & ends the week below it; the expectations of continuing the bearish trend in the upcoming sessions, MCX copper price repeated the fluctuation below the key resistance at 442.50, confirming the preparation to build new negative attack, to keep waiting the expected targets at 432.50.

Fundamental News
Precious metals prices were set to notch a weekly gain on Friday amid renewed safe-haven demand despite Treasury Secretary Steven Mnuchin’s attempt to calm trade-war fears after U.S. President Donald Trump threatened to impose additional tariffs on Chinese imports.

Oil prices settled at two-week lows on Friday as investors fled riskier assets amid escalating U.S.-China trade tensions, while U.S. oil rig counts jumped to a three-year high adding to downside momentum.

Gold prices open high today and made low of 30500 but recover on later half of the day. Now if price sustains on higher levels then it can test resistance level of 30780 and 30937. On other side 30456 will be major support level.

Silver prices open high today and made low of 38093 but recover on later half of the day. Now if price sustains on higher levels then it can test resistance level of 38463 and 38633. On other side 38000 will be major support level.

Crude oil price continues downward trend today and sustaining below psychological level of 4100 if it continues further bearish run it can test support levels of 4015 and 3984. On other side 4130 can be major resistance level.

Copper price open lower and consolidate but gain some bullish movement at the end of the day. Sustain near psychological level of 437. If it remains above level of 437 then it can test resistance levels are 439.35 and 443.50. On the other side support level is 435.10.

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