MCX Trading Tips to Make Money in Gold Market

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Market Outlook

Gold prices moved lower on Friday, as growing expectations for a March rate hike in the U.S. and a stronger U.S. dollar continued to weigh on the precious metal. The greenback remained broadly supported after a number of Federal Reserve officials this week expressed their support for a March rate hike. Oil markets rose on Friday as the dollar edged away from a multi-week high, but prices are being held in check by unchanged Russian output for February, a sign of its weak compliance on a global.

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Fundamental News

Gold demand in Asia was tepid this week with investors delaying fresh purchases anticipating a further drop in local prices as the global spot market was pressured by expectations of a hike in interest rates by the U.S. Federal Reserve.

Russia’s February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry data showed, with cuts remaining at 100,000 bpd or just a third of the levels pledged by Moscow under the agreement with the Organization of the Petroleum Exporting Countries.

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Gold showed bearish movement and found the important support level of 28950. Now if it will sustain below the important support level of 28850 then 28650 will act as next support level. On the other hand 29350 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 42350. Now if it will sustain below 42300 then 41800 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 3520. Now if it will close above the important resistance level of 3500 then 3400 will act as next resistance level. On the other hand 3600 will act as a major support level.

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Copper showed sideways to bearish movement and found the important support level of 396. Now if it will close below the important support level of 395 then 390 will act as next support level. On the other hand 402 will act as a major resistance level.

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