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Friday, 16 September 2016

MCX Market Tips, Fundamental Analysis

MCX Gold
MCX Gold prices are trading in a falling channel formation on hourly time frame. For now we expect prices should move lower towards 30550 levels in the coming trading sessions.

MCX Crude Oil
MCX Crude Oil prices have completed Bullish AB = CD pattern at 2926 levels on hourly time frame. For now we expect prices to move higher towards 3015 levels in coming trading sessions.

Fundamental News:
Gold held mostly steady in Asia on Thursday with central bank meetings in the U.S. and Japan next week setting a high-stakesstage for markets.  

Gold prices struggled near the lowest level in nearly two weeks during Europe's session on Thursday, as investors focused on the next set of U.S. data to see whether it supports expectations that the Federal Reserve will raise interest rates before the end of the year.

Gold prices sank to fresh two-week lows during North America's session on Thursday, as investors digested the release of a host of U.S. economic data.  

Oil prices rose on Thursday after falling around 3 percent in the previous session, supported by an unexpected fall in U.S. crude inventories.  

Recent developments in the OPEC universe have fueled speculation that oil producers might actually be able to agree on something at the informal talks in Algiers, Algeria, set for September 26-28.  

Oil prices fell to a new two-week low during European hours on Thursday, adding to steep overnight losses amid mounting concerns over a global supply glut.  

Oil prices wobbled near a two-week low during North American hours on Thursday, as a planned resumption of oil exports by Libya and Nigeria added to concerns over a global supply glut.  

U.S. natural gas futures trimmed losses on Thursday morning, after data showed that natural gas supplies in storage in the U.S. rose less than forecast last week.

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