Trading Strategies and Market Analysis for MCX Traders

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Market Outlook

Gold prices higher on Monday on a weaker dollar and as uncertainty over U.S. policy under President Donald Trump stoked safe-haven demand, although gains were curbed with many in Asia on holiday for the Lunar New Year. Oil prices fell as news of another increase in U.S. drilling activity spread concern over rising oil output just as many of the world’s oil producers are trying to comply with a deal to pump less in an attempt to prop up prices. Base metals have shrugged off a stronger dollar to end the week higher, with copper buoyed by expectations that supply disruptions could tighten the market.

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Fundamental News

Gold prices crawled higher on Monday on a weaker dollar and as uncertainty over US policy under President Donald Trump stoked safe-haven demand, although gains were curbed with many in Asia on holiday for the Lunar New Year.

Crude prices fell Monday after a report pointed to an increase in U.S. shale-oil production. The March contract for global crude benchmark Brent shed 0.48% to $55.43 a barrel while its U.S. counterpart West Texas Intermediate declined 0.30% to $53.01.

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Gold showed bullish movement and found the important resistance level of 28525. Now if it will sustain above the important resistance level of 28550 then 28800 will act as next resistance level. On the other hand 28000 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 41625. Now if it will sustain above 41700 then 42000 will act as next resistance level. On the other hand 41000 will act as a major support level.

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Crude showed bearish movement and found the important support level of 3565. Now if it will close below the important support level of 3550 then 3500 will act as next support level. On the other hand 3650 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 394.60. Now if it will close below the important support level of 394 then 390 will act as next support level. On the other hand 400 will act as a major resistance level.

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