Get Profitable Gold Market Calls

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Market Outlook
Gold prices are on a back footing, but they are holding up better than we expected given how the market seems to be less concerned about the French election now. The weaker dollar, however, may be providing extra support. Oil prices dipped on Thursday, weighed down by a general sentiment of globally bloated markets, though traders said that prices seemed to have found support around current levels. Most of the base metals appear to have found bases and are trying to rebound, all to varying levels of success. Aluminium prices are the closest to setting fresh highs with three-month prices.

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Fundamental News
Trump is expected to propose cutting the income tax rate paid by public corporations to 15% from 35%, and allowing multinationals to bring in overseas profits at a tax rate of 10% versus 35% now.

Iraq will go with the consensus reached by OPEC when the oil exporter group meets in Vienna next month to discuss extending production cuts, the country’s oil minister said on Thursday. The producers are expected to prolong the pact for a further six months when they meet in May.

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Gold showed sideways to bearish movement and found the important support level of 28703. Now if it will close below the important support level of 28620 then 28350 will act as next support level. On the other hand 29250 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 39625. Now if it will close below the important support level of 39500 then 39000 will act as next support level. On the other hand 40800 will act as a major resistance level.

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Crude showed bearish movement and found the important support level of 3101. Now if it will close below the important support level of 3100 then 3050 will act as next support level. On the other hand 3200 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 361.60. Now if it will close below the important support level of 360 then 355 will act as next support level. On the other hand 370 will act as a major resistance level.

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