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Todays Gold Market News & MCX Trading Tips

Market Outlook
Gold prices ended Monday’s session down $0.72 an ounce as the dollar recovered some of its recent losses. Although there is a perception that the dollar’s rebound will not last long, investors are understandably cautious ahead of the release of minutes from the Federal Reserve’s January meeting. U.S crude prices are still carrying momentum from Friday’s gains due to yesterday’s President Day’s holiday while international Brent prices have eased.However, soaring U.S production is threatening to erode OPEC’s efforts. Last week, the amount of U.S oilrigs drilling for new production rose for a fourth consecutive week to +798.Base metal prices likely to trade volatile on the back of mixed fundamentals.

Fundamental News
Oil markets remain well supported due to supply restraint by the OPEC. Yesterday, OPEC Secretary-General Barkindo said the organization registered a +133% compliance with agreed output reduction targets in January.

Ahead of the U.S open, gold prices have slid for a third consecutive session as the ‘mighty’ buck rebounds from its three-year lows, while the market waits Wednesday’s Fed minutes for clues on the outlook for U.S interest rates.

Gold showed sideways to bearish movement and found the major support level of 30550. Now if price sustains on lower level then it will test next support level of 30400. On other side 30800 will be major resistance level.

Silver showed sideways to bearish movement and found the major resistance level of 38200. Now if price sustains on higher level then it will test next resistance level of 38700. On other side 38200 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4060. Now if price sustains on higher level then it will test next resistance level of 4120. On other side 4000 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 460. Now if price sustains on higher level then it will test next resistance level of 470. On other side 454 will be major support level.

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