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Today’s MCX Market Movement and MCX Tips

Market Outlook

Gold price fluctuates within sideways and tight track around 28470 levels, we are waiting to push the price to continue the bearish trend on the intraday and short-term basis, waiting to test 28300 levels mainly, and we will continue to suggest the bearish trend in the upcoming sessions. The crude oil price recent rally stopped at the correctional bearish channel’s resistance that appears on the above chart, and the price shows bearish rebound that makes us suggest resuming the bearish bias in the upcoming sessions, trading range for today is between 3660 support and 3760 resistance. The continuous negative pressures will increase the chances of breaking the bullish channel’s support, which confirms exiting the main bullish track and allows the price to suffer more losses that might start at 421.

Fundamental News

Gold prices dipped in Asia on Monday with the market prepared to listen closely to the Fed commentary this week after it reviews rates and in particular language on the impact of expected tax cuts. For the day the precious metal was down 0.21%.

Oil prices fell on Monday as last week’s rise in the U.S. rig count pointed to a further increase in American production that could undermine OPEC-led efforts to tighten markets.

Gold showed sideways to bearish movement and found the major support level of 28300. Now if price sustains on a lower level then it will test next support level of 28205. On another side, 28600 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 36780. Now if price sustains on a lower level then it will test next support level of 36420. On another side, 37250 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3740. Now if price sustains on a higher level then it will test next resistance level of 3775. On another side, 3650 will be a major support level.

Copper showed sideways to bullish movement and found the major resistance level of 433. Now if price sustains on a higher level then it will test next resistance level of 437. On another side, 424 will be a major support level.

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