Today’s MCX Market Trend and Analysis

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Market Outlook

Gold prices moved lower on Friday, as the U.S. dollar recovered from the previous session’s share losses, but the precious metal remained within close distance of a two-and-a-half month peak amid ongoing U.S. political uncertainty and ahead of a key U.S. jobs report. The U.S. dollar has also been under pressure in recent weeks due to U.S. President Donald Trump’s protectionist policies and immigration bans, spurring ongoing uncertainty in global markets. On the New York Mercantile Exchange, crude oil for delivery in March rose 0.54% to $53.83 a barrel, while on the Intercontinental Exchange in London, Brent oil for March delivery gained 0.42%.

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Fundamental News

Gold was little changed on Friday, erasing earlier losses as the dollar came under pressure from a U.S. payrolls report that flagged up weak wage growth last month, weakening the case for near-term interest rate hikes. While U.S. job growth surged more than expected in January as construction firms and retailers ramped up hiring, wages barely rose.

Oil prices edged up on Friday on news that U.S. President Donald Trump could be poised to impose new sanctions on multiple entities.

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Gold showed sideways movement and found the important support level of 28700. Now if it will maintain above the important resistance level of 290000 then 29300 will act as next resistance level. On the other hand 28700 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 41900. Now if it will maintain above 42000 then 42500 will act as next resistance level. On the other hand 41400 will act as a major support level.

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Crude showed bullish movement and found the important resistance level of 3645. Now if it will close above the important resistance level of 3675 then 3750 will act as next resistance level. On the other hand 3590 will act as a major support level.

copper

Copper showed bearish movement and found the important support level of 387. Now if it will close below the important support level of 387 then 380 will act as next support level. On the other hand 395 will act as a major resistance level.

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