Free MCX Tips Precious Metals Market News

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Market Outlook

Gold prices were lower on Wednesday, as investors looked ahead to minutes of the Federal Reserve’s latest policy meeting due later in the global day for further hints on the timing of the next U.S. rate hike. The Fed will release minutes of its most recent policy meeting as traders seek further insight into the likelihood of higher interest rates in the months ahead. Oil prices were higher on Wednesday, trying for their sixth straight session of gains on the likelihood that OPEC will extend production cuts for another nine months when it meets on Thursday. The base metals prices are weaker; the exception is aluminium that is little changed, while the rest are down by an average of 0.9%.

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Fundamental News

The U.S. central bank left interest rates unchanged following its meeting on May 3 and gave a positive assessment of the U.S. economy, suggesting it was still on track for two more rate hikes this year.

Prices have rebounded on a growing consensus that a pledge by the OPEC and other producers, including Russia, to cut supplies by 1.8 million barrels per day would be extended to March 2018, instead of just covering the first half of this year.

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Gold showed sideways movement and found the important resistance level of 28850. Now if it will close above the important resistance level of 28850 then 29050 will act as next resistance level. On the other hand 28500 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 39900. Now if it will close above the important resistance level of 39900 then 40400 will act as next resistance level. On the other hand 39500 will act as a major support level.

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Crude showed sideways movement and find the important resistance level of 3400. Now if it will close above the important resistance level of 3400 then 3450 will act as next resistance level. On the other hand 3300 will act as a major support level.

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Copper showed sideways movement and find the important resistance level of 373. Now if it will close above the important resistance level of 373 then 378 will act as next resistance level. On the other hand 368 will act as a major support level.

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