Expert Profitable Advice for MCX and Calls

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Market Outlook

Gold prices edged higher on Thursday, near a one-week high following Federal Reserve Chair Janet Yellen’s congressional testimony to gradually raise interest rates. Prices tallied a third-straight gain Wednesday after Yellen sounded cautious on inflation and noted the Fed would not need to raise rates “all that much further” to reach current low estimates of the neutral fund’s rate. Oil prices were lower on Thursday, as concern over rising production in the U.S. and elsewhere dampened sentiment. Oil ended higher on Wednesday after U.S. government data confirmed a sharp decline in domestic crude supplies for a second week in a row. Prices, however, ended off the best levels of the session, as rising production in the U.S. underlined concern over a supply glut.

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Fundamental News

Gold has been rebounding this week, pushed up by a raft of news that pushed the dollar down and sent investors towards the security.

 U.S. shale producers survived an oil price crash and confounded OPEC’s efforts to drain a global glut by employing innovative drilling and production techniques.

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Gold showed bearish movement and found the important support level of 27812. Now if it will close below the important support level of 27800 then 27500 will act as next support level. On the other hand, 28000 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 36530. Now if it will close below the important support level of 36500 then 36000 will act as next support level. On the other hand, 37200 will act as a major resistance level.

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Crude showed bullish movement and found the important resistance level of 2985. Now if it will close above the important resistance level of 3000 then 3075 will act as next resistance level. On the other hand, 2900 will act as a major support level.

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Copper showed bearish movement and found the important support level of 380.50. Now if it will close below the important support level of 380 then 375 will act as next support level. On the other hand, 386 will act as a major resistance level.

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