Upcoming MCX Market News 28 Aug 2017

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Market Outlook

Gold prices edged towards $1,300 buoyed by falling expectations of U.S. monetary policy tightening later this year after Janet Yellen failed to offer any details on monetary policy or balance sheet normalization in a speech at Jackson Hole on Friday. Crude oil prices moved higher on Friday, as energy companies pulled workers from offshore oil platforms and halted onshore drilling in south Texas in preparation for Hurricane Harvey. Price strength and consolidation seems to be the order of the day in the base metals, with tin and lead remaining the laggards. Given the overall upward momentum, we would not be surprised to see prices rise further, but as prices are on the high ground.

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Fundamental News

Gold prices had benefited from a weaker dollar earlier in the week, after U.S. President Donald Trump said he would be willing to shut down the government to finance a wall along the U.S.-Mexico border and that he might terminate the NAFTA trade treaty.

Oil prices strengthened as markets prepared for potential output disruptions as Hurricane Harvey headed for the heart of the U.S. oil industry in the Gulf of Mexico.

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Gold showed bullish movement and found the important resistance level of 29224. 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 bullish movement and found the important resistance level of 39288. Now if it will close above the important resistance level of 39400 then 40000 will act as next resistance level. On the other hand, 38000 will act as a major support level.

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Crude showed sideways to bullish movement and found the important resistance level of 3073. Now if it will close above the important resistance level of 3100 then 3150 will act as next resistance level. On the other hand, 3000 will act as a major support level.

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Copper showed sideways to bearish movement and found the important support level of 425.55. Now if it will close below the important support level of 425 then 415 will act as next support level. On the other hand, 435 will act as a major resistance level.

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