Get MCX Tips & Precious Metal Market News

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Market Outlook
Gold prices were slightly lower in on Wednesday, as the dollar edged away from the prior session’s three-week low, prompting investors to take profit on recent gains. Oil steadied on Wednesday after OPEC said it was committed to eroding a global supply overhang that has dogged markets since 2014, but with U.S. output and inventories rising. The short-to-medium term trends in most of the base metals remain downward with zinc, lead and nickel seeing steep declines and considerable chart damage, while copper’s trend is sideways-to-down.

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Fundamental News
Dollar-denominated gold is sensitive to moves in the dollar – A dip in the dollar makes dollar-denominated assets such as gold cheaper for holders of foreign currency and thus, increases demand.

OPEC and other producers such as Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017 to drain a supply overhang that has persisted for nearly three years.

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Gold showed bearish movement and found the important support level of 29200. Now if it will close below the important support level of 29000 then 28700 will act as next support level. On the other hand 29500 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 41704. Now if it will close below the important support level of 41500 then 41000 will act as next support level. On the other hand 42300 will act as a major resistance level.

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Crude showed bearish movement and found the important support level of 3321. Now if it will close below the important support level of 3300 then 3250 will act as next support level. On the other hand 3400 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 356.80. Now if it will close below the important support level of 355 then 350 will act as next support level. On the other hand 370 will act as a major resistance level.

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