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Today’s Base Metals Profitable Call and Online MCX Tips

Market Outlook

Gold prices traded below breakeven, as investor demand for the yellow metal eased on the back of a trio of mostly upbeat economic reports suggesting that the U.S. economy remained robust. Crude futures extended gains for the seventh day in a row as data showed the number of active U.S. drilling rigs declined for the first time since January suggesting that U.S. production could be tightening, easing oversupply jitters. We have been expecting base metals prices to work higher and that accelerated on Thursday. Better Chinese PMI data, if supported by better Caixin PMI data on Monday, would help justify the stronger tone.

Fundamental News

Gold is on course to post its first monthly loss this year, as better than expected manufacturing and consumer sentiment data underpinned a move higher in the greenback, lessening demand for dollar-dominated gold.

The surprise dip in the number of active U.S. drilling rigs comes amid a rebound oil prices, as investors seemed to take advantage of the recent slump in oil prices.

Gold showed bearish movement and found the important support level of 28405. Now if it will close below the important support level of 28300 then 28000 will act as next support level. On the other hand, 28750 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 38157. Now if it will close below the important support level of 37800 then 37000 will act as next support level. On the other hand, 39000 will act as a major resistance level.

Crude showed bullish movement and found the important resistance level of 2972. Now if it will close above the important resistance level of 3000 then 3080 will act as next resistance level. On the other hand, 2900 will act as a major support level.

Copper showed bullish movement and found the important resistance level of 390.25. Now if it will close above the important resistance level of 391 then 398 will act as next resistance level. On the other hand, 380 will act as a major support level.

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