Free MCX Tips and Market Updates & News

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Market Outlook

Gold prices edged higher on Wednesday, as the U.S. dollar and global stock markets pulled back, boosting the appeal of the yellow metal. The dollar nursed its losses, having come under pressure overnight after U.S. Senate Majority Leader Mitch McConnell delayed a vote on healthcare legislation until after the Senate’s July 4 recess, hoping to get more support from Republican senators. Oil prices were lower on Wednesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products later in the global day. Crude prices posted sharp gains on Tuesday, with the commodity logging its fourth winning session in a row.

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Fundamental News

Fed Chair Janet Yellen offered relatively little on monetary policy but reiterated that it was appropriate to raise interest rates “very gradually to a level that [is] likely to remain quite low by historical standards for a long time”.

U.S. pipeline operators are selling their underused space at steep discounts to keep crude flowing – angering shippers and distorting an already opaque market for oil trading.

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Gold showed bullish movement and found the important resistance level of 28725. Now if it will close above the important resistance level of 28750 then 29000 will act as next resistance level. On the other hand 28300 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 38880. Now if it will close above the important resistance level of 38900 then 39500 will act as next resistance level. On the other hand 37800 will act as a major support level.

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Crude showed bullish movement and found the important resistance level of 2905. Now if it will close above the important resistance level of 2930 then 3000 will act as next resistance level. On the other hand 2800 will act as a major support level.

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Copper showed bullish movement and found the important resistance level of 378.90. Now if it will close above the important resistance level of 380 then 385 will act as next resistance level. On the other hand 365 will act as a major support level.

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