Profitable Updates for Crude Oil Market & Free MCX Tips

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Market Outlook

Gold prices edged lower on Tuesday, as markets looked ahead to U.S. President Donald Trump’s address to Congress later in the day for further details on his promises of tax reform and infrastructure spending. Global oil prices were broadly flat on Tuesday, continuing to trade in a tight range with OPEC’s bullish production cuts offset by increasing crude production from the United States. The oil market has been moving sideways for the last two months and has been stuck in a range of about $5 a barrel.


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Fundamental News

The yellow-metal struggled to hold onto gains during U.S. trading hours, after a better-than-expected durable goods order print for January and Dallas Fed President Robert Kaplan dovish speech lifted the dollar from session lows.

Saudi Arabia wants crude oil to rise to about $60 a barrel in 2017, Reuters quoted OPEC and industry. Saudi Arabia and its Gulf allies view this price would spur fresh investment without incurring a spike in U.S. shale output.

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Gold showed bearish movement and found the important support level of 29500. Now if it will maintain above the important resistance level of 29700 then 30000 will act as next resistance level. On the other hand 29500 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 43600. Now if it will maintain above 43600 then 44000 will act as next resistance level. On the other hand 43000 will act as a major support level.

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Crude showed sideways to bearish movement and found the important support level of 3550. Now if it will close above the important resistance level of 3600 then 3700 will act as next resistance level. On the other hand 3550 will act as a major support level.

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Copper showed sideways to bullish movement and found the important resistance level of 402. Now if it will close below the important support level of 398 then 393 will act as next support level. On the other hand 403 will act as a major resistance level.

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