Upcoming MCX Market News and Crude Oil Updates

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Market Outlook

Gold prices were little changed on Monday, as market players looked ahead to this week’s annual meeting of top central bankers and economists in Jackson Hole, Wyoming, where the heads of the U.S. and European central banks will be making keynote speeches. Oil prices fell on Monday as a rally at the end of last week prompted investors to close positions at a higher price, against a backdrop of signs the global market is starting to rebalance. Base metals may continue to push still higher in the coming days in spite of a possible return to risk aversion, principally because sentiment in base metals is primarily driven by China’s financing conditions, as we saw last week.

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Fundamental News

Last week, gold prices retreated on Friday after surging to their highest level in nine months earlier on the back of concerns over U.S. political uncertainty and amid safe haven buying in the wake of a terrorist attack in Spain.

The world remains awash with oil despite a deal struck by some of the world’s biggest producers to rein in output. Rising U.S. production has been a major factor keeping supply and demand from balancing.

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Gold showed sideways to bullish movement and found the important resistance level of 29292. Now if it will close above the important resistance level of 29300 then 29500 will act as next resistance level. On the other hand, 28800 will act as a major support level.

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Silver showed sideways to bullish movement and found the important resistance level of 39270. Now if it will close above the important resistance level of 39350 then 40000 will act as next resistance level. On the other hand 38500 will act as a major support level.

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Crude showed bearish movement and found the important support level of 3068. Now if it will close below the important support level of 3050 then 3000 will act as next support level. On the other hand, 3150 will act as a major resistance level.

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Copper showed bullish movement and found the important resistance level of 424.60. Now if it will close above the important resistance level of 425 then 430 will act as next resistance level. On the other hand 415 will act as a major support level.

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