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Online MCX trading Tips | Market News and Alerts

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Market Outlook

Gold prices continue to trade near ten month lows as market waiting for the outcome of the U.S. Federal Reserve’s policy meeting later in the day. On intraday basis, we expect range bound trade in gold and silver prices. Base metals are mostly mixed on the LME after a volatile session yesterday as markets await new triggers. We expect range bound trade in metals prices as the dollar ease. Crude oil prices are lower for a second straight day on profit-taking after a sharp rally on the back of the Non-OPEC deal. The short term bias for oil remains positive and dips will get bought as markets expect a faster rebalancing. On MCX we expect range bound trade in Crude oil.

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Fundamental News

The price of gold declined by nearly two per cent on Thursday, on global cues, as investors showed more confidence in the US treasury after the United States Federal Reserve raised the interest rate by  25 basis points, first in 2016, and sounded more hawkish stance for 2017.

Crude prices fell Thursday, reversing earlier gains as the dollar surged, raising concerns about demand for oil outside the U.S.

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Gold showed bearish movement and found the important support level of 26901. Now if it will close below the important support level of 26800 then 26500 will act as next support level. On the other hand 27500 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 39200. Now if it will close below the important support level of 39000 then 38300 will act as next support level. On the other hand 40000 will act as a major resistance level.

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Crude showed bearish movement and found the important support level of 3390. Now if it will close below the important support level of 3375 then 3300 will act as next support level. On the other hand 3550 will act as a major resistance level.

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Copper showed sideways to bullish movement and found the important support level of 387.10 Now if it will close below the important support level of 383 then 375 will act as next support level. On the other hand 395 will act as a major resistance level.

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