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Today’s MCX Market News and Free Daily Calls

Market Outlook

Gold prices rose on Wednesday as investors awaited the outcome of the Federal Reserve’s meeting later in the day for fresh signals on future monetary tightening. The Fed was expected to leave interest rates unchanged at the conclusion of its two-day policy meeting later Wednesday, but investors were waiting for any indications that it will resume raising rates next month as expected and on the timing of any rate hikes in 2018.Oil prices rose to near recent highs on Wednesday as data showed OPEC has significantly improved compliance with its pledged supply cuts and Russia is also seen keeping to the deal.

Fundamental News

The dollar was little changed against a basket of the other major currencies, with the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies at 94.50.

Crude prices were boosted following news OPEC’s October output declined by 80,000 bpd to 32.78 million bpd, putting adherence to its pledged supply curbs at 92%, compared to September’s 86%.

Gold showed sideways to bullish movement and found the major resistance level of 29400. Now if price sustains on a higher level then it will test next resistance level of 29520. On another side, 29080 will be the major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39800. Now if price sustains on the higher level then it will test next resistance level of 40150. On another side, 38700 will be the major support level.

Crude oil showed sideways to bearish movement and found the major support level of 3490. Now if price sustains on a lower level then it will test next support level of 3462. On another side, 3575 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 446. Now if price sustains on lower level then it will test next support level of 442. On another side, 455 will be major resistance level.

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