Expert View on MCX Market and News

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Market Outlook

Gold prices ticked higher on Thursday but stayed within sight of the prior session’s eight-week low as investors digested the latest minutes from the Federal Reserve while awaiting fresh U.S. economic reports. The minutes of the Fed’s June policy meeting released on Wednesday showed a lack of consensus among policymakers over the outlook for inflation and how it could impact on the future pace of interest rate increases. Oil prices regained ground on Thursday after an industry report on Wednesday showing a far larger than expected crude inventory drawdown last week eased concerns about oversupply.

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Fundamental News

The Fed hiked rates at its June meeting and stuck to its forecast for one more rate hike this year, but the subdued inflation outlook has since raised doubts over whether the U.S. central bank will be able to stick to its planned tightening path.

Oil prices ended the previous session sharply lower after data showing that exports by OPEC rose for a second month in June, adding to doubts over whether the group can do enough to tighten the market.

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Gold showed sideways to bearish movement and found the important support level of 28092. Now if it will close below the important support level of 28000 then 27700 will act as next support level. On the other hand, 28450 will act as a major resistance level.

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Silver showed bullish movement and found the important resistance level of 37597. Now if it will close above the important resistance level of 37800 then 38500 will act as next resistance level. On the other hand, 37000 will act as a major support level.

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Crude showed bullish movement and found the important resistance level of 3019. Now if it will close above the important resistance level of 3030 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 sideways to bearish movement and found the important support level of 381.10. Now if it will close below the important support level of 380 then 373 will act as next support level. On the other hand, 390 will act as a major resistance level.

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