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Today’s Market Strategy on Gold Trading

Market Outlook

MCX Gold price settles around 31100 level, waiting for more rise, On the other hand, we should note that breaking 30600 will stop the expected rise and push the price to resume the main bearish trend again. Oil price continues to fluctuate at the key resistance 4145 and keeps its stability below it, which keeps the bearish trend scenario valid until now, which targets 3920 followed by 3880 levels as next main stations. The copper price might be forced to form some sideways fluctuations until achieving the required breach followed by resuming recording the targets, located at 447.

Fundamental News

On Monday Gold prices slipped, while the dollar was subdued against its rivals after Federal Reserve officials cautioned on the global economy.

Crude Oil prices edged up on Monday morning in Asia amid expectations that de-facto OPEC leader Saudi Arabia will urge the organization and its allies to slash supply to boost oil prices after a sell-off this month.

Gold showed sideways to bearish movement and found the major support level of 30800. Now if price sustains on lower level then it will test next support level of 306000. On other side 31000 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 36750. Now if price sustains on lower level then it will test next support level of 36400. On other side 37100 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 3950. Now if price sustains on lower level then it will test next support level of 3900. On other side 4100 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 443. Now if price sustains on higher level then it will test next resistance level of 446.50. On other side 437.50 will be major support level.

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