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Today’s MCX Market Overview and Daily Updates

Market Outlook

Gold prices started the week on the back foot on Monday, sliding to their lowest level since the end of August, as investors looked ahead to a Federal Reserve policy meeting for insights into the outlook for monetary policy.U.S. Crude oil prices rose above $50 per barrel on Monday and were near last week’s multi-month highs as the number of U.S. rigs drilling for new production fell and refineries continued to restart after getting knocked out by Hurricane Harvey. The corrections in the LME base metals appear to have run their course with the recent dips attracting buying.

Fundamental News

Gold prices fell as investors shrugged off a rise in geopolitical uncertainty that followed after North Korea launched a missile over Japan on Friday.

Sentiment in the oil market was boosted by last week’s bullish demand forecasts from the Organization of the Petroleum Exporting Countries and the International Energy Agency.

Gold showed bearish movement and found the important support level of 29540. Now if it will close below the important support level of 29500 then 29250 will act as next support level. On the other hand, 30000 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 39600. Now if it will close below the important support level of 39500 then 39000 will act as next support level. On the other hand, 40800 will act as a major resistance level.

Crude showed sideways to bearish movement and found the important support level of 3158. Now if it will close below the important support level of 3150 then 3100 will act as next support level. On the other hand, 3250 will act as a major resistance level.

Copper showed bullish movement and found the important resistance level of 425.20. Now if it will close above the important resistance level of 425.50 then 430 will act as next resistance level. On the other hand, 415 will act as a major support level.

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