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Today’s Base Metal Market Movement and MCX Tips

Market Outlook

Gold price tested 1263.15 level and kept the daily close stability below it, the bearish trend will remain active for today, reminding you that breaking the targeted level will extend Gold price losses to reach 1204.81 while breaching 1263.15 represents the first positive key to the price return t the main bullish track again. Crude oil price rebounds bullishly after approaching to test the key support 56.70 yesterday, the bullish trend will remain valid and active for the upcoming sessions, and the first target is located at 59.00. Copper price provided slow positive trading, but its stability generally within the bullish channel levels besides its fluctuation above the initial support at 3.0800 forms main factors to reinforce the bullish bias domination in the upcoming period.

Fundamental News

Gold prices were hovering near a two-week high on Tuesday, as caution surrounding U.S. tax reform plans and ahead of U.S. housing sector data dampened demand for the U.S. dollar.

 

Oil markets edged up on Tuesday as the Forties pipeline outage in the North Sea and voluntary production restraint led by OPEC supported prices, although soaring output in the United States put a cap on gains.

Gold showed sideways to bullish movement and found the major resistance level of 28520. Now if price sustains on a higher level then it will test next resistance level of 28650. On another side, 28350 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 37680. Now if price sustains on a higher level then it will test next resistance level of 37960. On another side, 37500 will be a major support level.

Crude oil showed sideways to bearish movement and found the major support level of 3650. Now if price sustains on a lower level then it will test next support level of 3615. On another side, 3715 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 450. Now if price sustains on a higher level then it will test next resistance level of 455. On another side, 442 will be a major support level.

 

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