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Market Outlook

MCX Gold price showed strong bearish movement and settled on lower side. For upcoming trading session if will continue to suggesting downward trend towards next support level of 31600 and after that 31500 will be the next key support. MCX Crude oil price traded with clear positivity and if price manages above 4350 in upcoming session then this bullish momentum can take price up to next intraday resistance of 4420. MCX Copper price took correction from higher levels after bullish movement and also test immediate correctional level of 445 and if it trades below 440 levels in next session then bearish bias will active towards next support level i.e. 435.

Fundamental News

Gold prices steadied near their lowest in about four-weeks on Tuesday as robust economic data from the United States and China tempered concerns of a global slowdown, boosting the dollar and riskier assets.

Crude Oil prices rose to fresh highs for the year on Tuesday, after a U.S. official said Washington is considering more sanctions on Iran and a key Venezuelan export terminal halted operation.

Gold showed sideways to bearish movement and found the major support level of 31650. Now if price sustains on lower level then it will test next support level of 31500. On other side 31850 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 37000. Now if price sustains on lower level then it will test next support level of 36700. On other side 37600 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4330. Now if price sustains on higher level then it will test next resistance level of 4400. On other side 4260 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 443. Now if price sustains on lower level then it will test next support level of 439. On other side 451 will be major resistance level.

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