Today’s Crude Oil Profitable Call and Online MCX Tips

Market Outlook

Gold prices rose sharply on Thursday, climbing back toward their highest level in more than two months after minutes from the Federal Reserve’s July meeting hinted at a delay in further rate hikes. Oil prices edged higher on Thursday, but stayed near their lowest level in three weeks as concern over rising production in the U.S. and elsewhere dampened sentiment. Oil ended more than 1% lower on Wednesday after U.S. government data revealed a weekly climb in domestic production to the highest level in over two years.

Fundamental News

Gold gained further after the minutes from the Fed’s last policy meeting showed policymakers were increasingly wary of the recent softness in inflation and could delay a rate hike.

Energy Information Administration (EIA) data on Wednesday showed that commercial U.S. crude oil stocks have fallen by almost 13 percent from their peaks in March to 466.5 million barrels. Stocks are now lower than in 2016.

Gold showed bullish movement and found the important resistance level of 29229. Now if it will close above the important resistance level of 29250 then 29500 will act as next resistance level. On the other hand, 28800 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 39350. Now if it will close above the important resistance level of 39400 then 40000 will act as next resistance level. On the other hand, 38500 will act as a major support level.

Crude showed bearish movement and found the important support level of 2981. Now if it will close below the important support level of 2980 then 2950 will act as next support level. On the other hand, 3100 will act as a major resistance level.

Copper showed bearish movement and found the important support level of 414.70. Now if it will close below the important support level of 414 then 405 will act as next support level. On the other hand, 425 will act as a major resistance level.

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