Today’s Gold Market News and Live MCX Tips

Market Outlook

Gold prices were steady after touching a fresh four week high on Tuesday as European geopolitical fears sapped risk appetite, underpinning safe haven demand for the precious metal. Oil prices fell on Tuesday, pressured by concerns that production cuts by the world’s big exporters may not be enough to drain a global glut that has depressed the market for almost three years. The base metals are for the most part consolidating with copper, aluminium and zinc price rallies all paused with prices just below recent highs, while lead is attempting to rebound off recent lows and nickel prices are holding just above recent lows.

Fundamental News

Gold and the dollar typically move in opposite directions, which mean if the dollar goes up, gold futures, which are denominated in the U.S. currency, will fall. Investors were looking ahead to Friday’s U.S. employment report, which was expected to show that conditions in the labor market remain solid.

The Organization of the Petroleum Exporting Countries and other oil producers, including Russia, agreed last week to keep a tight rein on supply until the end of the first quarter of 2018, nine months longer than originally planned.

Gold showed bearish movement and found the important support level of 28716. Now if it will close below the important support level of 28700 then 28400 will act as next support level. On the other hand 29000 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 39925. Now if it will close below the important support level of 39700 then 39200 will act as next support level. On the other hand 40700 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 3175. Now if it will close below the important support level of 3150 then 3100 will act as next support level. On the other hand 3270 will act as a major resistance level.

Copper showed sideways to bearish movement and found the important support level of 363.85. Now if it will close below the important support level of 360 then 355 will act as next support level. On the other hand 370 will act as a major resistance level.

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