MCX Market News with Accurate analysis

Market Outlook

Gold prices drifted higher in listless trade on Tuesday, as market players looked ahead to monthly U.S. inflation indicators due later in the week for fresh clues on the timing of the next Federal Reserve rate hike. Oil prices edged higher on Tuesday, as market players looked ahead to the outcome of a meeting of officials from some OPEC and non-member nations in Abu Dhabi for fresh details on how the group can increase compliance with production cuts that began at the start of the year.

Fundamental News

The yellow metal has been well-supported in recent weeks as fading expectations for a third Fed rate hike this year combined with deepening political turmoil in the White House boosted the appeal of the precious metal.

Officials from a joint OPEC and non-OPEC technical committee are meeting in Abu Dhabi on Tuesday to discuss ways to increase compliance with the deal to cut 1.8 million bpd in production.

Gold showed bearish movement and found the important support level of 28300. Now if it will close below the important support level of 28300 then 28000 will act as next support level. On the other hand, 28860 will act as a major resistance level.

Silver showed bullish movement and found the important resistance level of 37625Now if it will close above the important resistance level of 37700 then 38000 will act as next resistance level. On the other hand, 37000 will act as a major support level.

Crude showed sideways to bullish movement and found the important resistance level of 3179. Now if it will close above the important resistance level of 3180 then 3235 will act as next resistance level. On the other hand, 3100 will act as a major support level.

Copper showed bullish movement and found the important resistance level of 414.70. Now if it will close above the important resistance level of 415 then 420 will act as next resistance level. On the other hand, 400 will act as a major support level.

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