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Online MCX Tips for Smart Traders | 9th July 2018

 Market Outlook

Mcx Gold price continues to fluctuate within sideways and tight track since morning, to keep the down trend scenario valid as it is without any change,its depending on the price stability below 30550, oil price rallied upwards clearly to move away from 5010 level and settles near 5100 barrel now. Mcx Copper price succeeded to take advantage of the negative pressures, we will keep suggesting the bearish attempts, and in case of breaching 427.50 the next target is located at 423.50.

Fundamental News

 On Friday Gold prices remained lower s the U.S. dollar weakened and U.S. trade tariffs against China went into effect.

On Friday crude oil prices settled higher despite data showing a ramp up in the number of U.S. oil rigs, signalling a potential expansion in domestic crude output.

GOLD

Gold showed sideways to bearish movement and found the major support level of 30545. Now if price sustains on lower level then it will test next support level of 30356. On other side 30737 will be major resistance level.

SILVER

Silver showed sideways to bearish movement and found the major support level of 39677. Now if price sustains on lower level then it will test next support level of 39375. On other side 40050 will be major resistance level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 5089. Now if price sustains on higher level then it will test next resistance level of 5158. On other side 4971 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 427.55. Now if price sustains on lower level then it will test next support level of 425. On other side 434.75 will be major resistance level.

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