Today’s Base Metal Market News and Mcx Trading Tips

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Market Outlook

Gold prices edged lower during European morning hours on Monday, as market players awaited further hints on the timing of the next U.S. rate hike. Cleveland Federal Reserve President Loretta Mester said in a speech in Singapore on Monday she would be “comfortable” raising interest rates at this point if the economy maintained its current pace of performance. Oil prices rose on Monday but gains were limited as investors gauged whether an increase in U.S. drilling rigs and record stockpiles might offset the existing push by producers to cut output and bring the market.

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Fundamental News

Precious metals prices are little changed this with spot gold prices last at $1,234 per oz, this suggests prices are consolidating after Friday’s weakness when prices fell an average of 0.9%, with the PGM prices falling more than bullion prices.

India plans to sell refined crude oil products to Myanmar as part of New Delhi’s efforts to deepen ties with its eastern neighbor, which is expected to see strong demand for fuels as it builds new roads, factories, utilities and airports.

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Gold showed bearish movement and found the important support level of 29190. Now if it will maintain above the important resistance level of 29450 then 29600 will act as next resistance level. On the other hand 29200 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 43000. Now if it will maintain above 43200 then 43600 will act as next resistance level. On the other hand 42500 will act as a major support level.

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Crude showed sideways to bullish movement and found the important resistance level of 3615. Now if it will close above the important resistance level of 3625 then 3700 will act as next resistance level. On the other hand 3580 will act as a major support level.

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Copper showed bullish movement and found the important resistance level of 406. Now if it will close below the important support level of 404 then 400 will act as next support level. On the other hand 407 will act as a major resistance level.

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