Today’s MCX Market Analaysis and News

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Market Outlook

Gold prices were slightly higher on Tuesday, as investors awaited congressional testimony by Federal Reserve Chair Janet Yellen for clues to the pace of the central bank’s interest rate increases. Oil rose on Tuesday, supported by an OPEC-led effort to cut output, but rising production elsewhere kept prices within the narrow range that has contained them so far this year. Base metals prices are up an average of 0.9% with three-month aluminium gaining 1.3%, followed by nickel prices that are up 1.1% and zinc prices that are 1% firmer.

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Fundamental News

Precious metals are generally holding up well, indeed better than expected, up an average of 0.5%.gold and silver prices are up 0.3% and 0.2% respectively, with spot gold prices at $1,229.45 per oz.

Oil prices declined by 2 percent, the most since mid-January, pressured by a stronger dollar and signs of rising U.S. crude output. Investors were meanwhile underwhelmed by an OPEC report showing high compliance with last year’s production-cut deal.

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Gold showed bearish movement and found the important support 1evel of 28940. Now if it will maintain above the important resistance level of 29300 then 29500 will act as next resistance level. On the other hand 28900 will act as a major support level.

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Silver showed bearish movement and found the important resistance level of 42888. Now if it will maintain above 42750 then 43300 will act as next resistance level. On the other hand 42200 will act as a major support level.

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Crude showed sideways to bearish movement and found the important resistance level of 3600. Now if it will close above the important resistance level of 3625 then 3700 will act as next resistance level. On the other hand 3520 will act as a major support level.

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Copper showed bearish movement and found the important support level of 400. Now if it will close below the important support level of 400 then 395 will act as next support level. On the other hand 410 will act as a major resistance level.

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