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Tuesday, 6 September 2016

Free MCX Market Tips with Technical Views and News

MCX Gold prices has witnessed breakout of its Rising wedge pattern at 30850 levels on hourly time frame. On the other hand, prices have been trading above 21 HEMA on hourly time frame. For now we expect prices should move higher towards 31300 levels in the coming trading sessions.

MCX Silver prices has observed breakout of Falling wedge pattern at 44969 levels on hourly chart. Furthermore, MCX Silver prices are trading above its 50 HEMA on hourly time frame. For now we expect prices to move higher towards 47150 levels in few trading sessions.

MCX Crude oil prices have taken support of its trend line on hourly time frame. For now we expect prices to move higher towards 3075 levels in coming trading sessions.

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Fundamental News:
  1. Gold drifted lower in Asia on Monday with comments from the G-20 summit in China eyed for global coordination on monetary and fiscal policies.
  2. Gold prices held near a one-week high during European hours on Monday, as disappointing U.S. employment data diminished the likelihood that the Federal Reserve will raise interest rates at its policy meeting later this month.
  3. Gold prices held steady near a one-week high during North American hours on Monday, as trade volumes were expected to remain light with many investors in the U.S. away for the Labor Day holiday.
  4. Oil prices jumped Monday on reports of Saudi, Russian cooperation on output.
  5. Saudi Arabia and Russia signed a joint statement Monday to cooperate on stabilizing oil markets.
  6. Oil jumped Monday after Saudi Arabia and Russia agreed to cooperate to stabilize the market.
  7. Oil prices spiked sharply during European hours on Monday, amid reports that Saudi Arabia and Russia will work together to support the market, fueling hopes of an output freeze.
  8. Oil prices trimmed earlier gains during North American hours on Monday, after an announcement from Saudi Arabian and Russian officials failed to live up to market expectations.

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