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Gold rose to session highs on Friday, buoyed by the return of safe haven demand, as the U.S. dollar fell to a seven-month low, after data showed that U.S. economy created fewer jobs than expected last month. Gold remained on track to post a gain for the week, fresh on the heels of achieving its longest monthly winning streak since 2010 in May. Crude futures tumbled more than 1%, as President Donald Trump’s decision to withdraw from the 2015 Paris climate agreement, sparked concerns that U.S. oil production could expand rapidly in the absence of a stringent focus on curbing the use of fossil fuels.

Fundamental News

Gold hit a session high of $1,278.95 just shy of six-week highs, as an unexpected dip in U.S. job growth, fuelled concerns about the strength of the U.S. economy, increasing demand for gold, which is traditionally used as a safe haven against economic uncertainty and volatility.

Opec and non-Opec members last week agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.8 million bpd agreed in November last year.

Gold showed bullish movement and found the important resistance level of 29137. Now if it will close above the important resistance level of 29200 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 40400. Now if it will close above the important resistance level of 40500 then 41000 will act as next resistance level. On the other hand 39500 will act as a major support level.

Crude showed bearish movement and found the important support level of 3021. Now if it will close below the important support level of 3000 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 360.65. Now if it will close below the important support level of 360 then 355 will act as next support level. On the other hand 372 will act as a major resistance level.

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