Free MCX Tips and Gold Market Updates


Market Outlook
Gold prices rose to a three-week high on Wednesday, as growing doubts about U.S. President Donald Trump’s pro-growth economic agenda prompted investors to dump risky assets and rush to safe havens. It settled higher for the fourth session in a row on Tuesday, as risk-averse investors sought safer investments amid a weak dollar and as U.S. Oil prices slipped back towards three-month lows on Wednesday after data showed U.S. crude inventories rising faster than expected, piling pressure on OPEC to extend output cuts beyond June.

Fundamental News
Gold is highly sensitive to rising U.S. rates, because they increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. Gold fell in the run-up to the Fed’s rate hike last week, with hedge funds and money managers sharply cut their net long position in COMEX gold futures.
India’s oil output in February fell 3.4 percent to about 2.80 million tonnes year-over-year, while natural gas output declined about 1.7 percent to 2.50 billion cubic metres (bcm), preliminary government data showed.


Gold showed bullish movement and found the important resistance level of 28950. Now if it will sustain below the important support level of 28750 then 28500 will act as next support level. On the other hand 29000 will act as a major resistance level.

Silver showed bullish movement and found the important resistance level of 41350. Now if it will sustain below 41000 then 40500 will act as next support level. On the other hand 41900 will act as a major resistance level.

Crude showed sideways to bearish movement and found the important support level of 3100. Now if it will close below the important support level of 3100 then 3050 will act as next support level. On the other hand 3150 will act as a major resistance level.

Copper showed bearish movement and found the important support level of 376. Now if it will close below the important support level of 375 then 370 will act as next support level. On the other hand 382 will act as a major resistance level.

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