MCX Showed Bullish Movement and Other News

Market Outlook

Gold prices extended losses from the prior session on Thursday to hit their lowest level in around a month, as investors shunned safe-haven assets following the unveiling of a long-awaited tax reform plan stateside. Oil prices rose on Thursday, spurred by rising tension around northern Iraq following the autonomous Kurdistan region’s vote in favor of independence in a referendum. The base metals remain in correction and consolidation mode as we approach the end of the quarter and the weakness does feel like profit-taking after strong rallies were seen over the summer.

Fundamental News

Dollar-denominated assets such as gold are sensitive to moves in the dollar – A rise in the dollar makes gold expensive for holders of foreign currency and thus, reduce demand.

The International Energy Agency earlier this month raised its 2017 global oil demand growth estimate to 1.6 million bpd from 1.5 million bpd, citing stronger than expected demand growth in the United States and Europe.

Gold showed sideways to bearish movement and found the important support level of 29522. Now if it will close below the important support level of 29500 then 29250 will act as next support level. On the other hand, 30150 will act as a major resistance level.

Silver showed sideways to bearish movement and found the important support level of 39551. Now if it will close below the important support level of 39500 then 39000 will act as next support level. On the other hand, 40500 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 3360. Now if it will close below the important support level of 3350 then 3300 will act as next support level. On the other hand, 3475 will act as a major resistance level.

Copper showed bullish movement and found the important resistance level of 433.40. Now if it will close above the important resistance level of 435 then 440 will act as next resistance level. On the other hand, 420 will act as a major support level.

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