Copper Market News and Free MCX Tips

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Market Outlook

Gold prices held near their strongest level in around three weeks on Tuesday, as investor sentiment skewed toward safe-haven assets after a suspected terrorist attack at a concert in Britain’s city of Manchester. Gold has been well-supported in recent sessions as political uncertainty surrounding the Trump administration pressured the dollar lower. Oil was lower Tuesday after hitting one-month highs overnight as an OPEC meeting on extending output cuts neared.OPEC and non-OPEC producers are due to meet Thursday on extending cuts of 1.8 million barrels a day in the first half. Hopes are high that the scale back in production will be extended for another nine months to March.

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Fundamental News

India’s gold imports could plunge in 2017 during the traditional period of peak demand in the second half of the year, after jewelers have aggressively restocked inventory ahead of a national sales tax that takes effect on July 1.

Oil prices fell on Tuesday after U.S. President Donald Trump proposed the sale of half the country’s strategic oil reserves in his budget plan, just as producer club OPEC and its allies are cutting output to tighten the market.

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Gold showed sideways movement and found the important resistance level of 28950. Now if it will close above the important resistance level of 28950 then 29150 will act as next resistance level. On the other hand 28600 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 40250. Now if it will close above the important resistance level of 40250 then 40750 will act as next resistance level. On the other hand 39600 will act as a major support level.

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Crude showed bullish movement and find the important resistance level of 3360. Now if it will close above the important resistance level of 3360 then 3410 will act as next resistance level. On the other hand 3250 will act as a major support level.

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Copper showed bullish movement and find the important resistance level of 374. Now if it will close above the important resistance level of 374 then 379 will act as next resistance level. On the other hand 366 will act as a major support level.

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