Today’s Base Metals Profitable Call and Online MCX Tips

Market Outlook

Gold prices stayed near the lowest level in around five weeks on Tuesday, as hawkish remarks made by an influential Federal Reserve official reinforced expectations for the Fed to keep raising interest rates. Oil prices sank to the lowest level since November on Tuesday, as concerns over a glut in the market continued to batter sentiment. Oil prices lost around 1% on Monday as concerns over a steady increase in U.S. production added to fears over a glut in the market. The slide in aluminium prices appears to have halted with prices rebounding off a support line that was breached on Friday and copper prices are consolidating too.

Fundamental News

The move lower in gold prices on Monday comes fresh on the heels of a two-week losing streak, as the precious metal has remained under pressure since the Federal Reserve hiked rates last Wednesday, leaving the door open for an additional rate this year.

U.S. drillers last week added rigs for the 22nd week in a row, according to data from energy services company Baker Hughes, implying that further gains in domestic production are ahead.

Gold showed bearish movement and found the important support level of 28487. Now if it will close below the important support level of 28400 then 28150 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 37931. Now if it will close below the important support level of 37900 then 37500 will act as next support level. On the other hand 39000 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 2791. Now if it will close below the important support level of 2785 then 2750 will act as next support level. On the other hand 2850 will act as a major resistance level.

Copper showed bearish movement and found the important support level of 363.70. Now if it will close below the important support level of 362 then 358 will act as next support level. On the other hand 378 will act as a major resistance level.

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