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Safe Trading in MCX Market and Updates

Market Outlook

Gold comes price touched our first waited for target at 1299.20 and MCX shows slight bearish bias now, we believe that the chances available for trading positively for today, and branching 29550 will extend the bullish wave to reach 29720 as a next main station, taking into consideration that breaking 29350 will stop the expected rise and pushes the price to decline. Crude oil price achieved clear break to the minor bullish channel’s support and settled below it, which opens the way for the decline to visit the main bullish channel support at 56.45 before the return to resume the main bullish trend. Opper price formed intraday negative wave yesterday due to the lack of the bullish momentum, to settle around the initial support at 444.50, below the initial support might force the price to postpone the bullish attempts.

Fundamental News

Crude prices were on the backfoot on Tuesday, extending losses from the prior session as expectations of higher supply in the U.S. combined with uncertainty over a possible extension of output cuts by major crude producers dampened sentiment.

Gold prices drifted lower on Tuesday, pulling back from the prior session’s six-week high as investors awaited comments from the next head of the Federal Reserve for fresh clues on the likely trajectory of monetary policy.

Gold showed sideways to bullish movement and found the major resistance level of 29550. Now if price sustains on a higher level then it will test next resistance level of 29685. On another side, 29350 will be a major support level.

Silver showed sideways to bearish movement and found the major support level of 38550. Now if price sustains on a lower level then it will test next support level of 38205. On another side, 39330 will be major resistance level.

Crude Oil showed sideways to bearish movement and found the major support level of 3695. Now if price sustains on a lower level then it will test next support level of 3671. On another side, 3760 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 435. Now if price sustains on a lower level then it will test next support level of 431. On another side, 444 will be major resistance level.

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