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Productive Gold Market Trading Report

Market Outlook
MCX Gold price touched 30720 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 was quite volatile today and we expect it may give some bearish movement in upcoming session.MCX copper price goes upside and test 442 levels and all other base metals are also showed bullish movement but aluminium showed more strength as compare to lead and zinc.

Fundamental News
Prices of precious metals were lower on Monday as gains in U.S. stock futures and a firmer dollar dampened demand for bullion, despite simmering trade tensions between the U.S. and China.

Crude Oil markets stabilized on Monday after slumping around 2 percent last Friday on concerns over an intensifying trade dispute between the United States and China, as well as increased U.S. drilling activity. Monday market was also eyeing the situation in Syria after reports – denied by the Pentagon – that U.S. forces had struck a major air base there.

Gold price open near to previous day’s low and continues its bullish trend for the day with a new daily high of 30668. On upper side it can face resistance level of 30780 and 30937. On the lower side it can face support level of 30456.

Silver prices open high today and made low of 38191 but recover on later half of the day. Now if price sustains on higher levels than it can test resistance level of 38659 and 38847. On other side 38000 will be major support level.

Crude oil price opens higher shows some consolidation but overall remain bullish on charts. Now if it sustains on higher level than it can test resistance levels are 4130 and 4162. On the other side 4015 is support level.

Copper price opens higher shows some consolidation but overall remain bullish on charts. Now if it sustains on higher level than it can test resistance levels are 443.50 and 446.15. On the other side 435.10 is support level.

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