Get Profitable Gold Market News

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Market Outlook
Gold prices held steady on Friday, as global geopolitical tensions reignited some safe-haven demand, although investors were still eyeing the release of U.S. economic reports later in the day. On Wednesday, the U.S. President proposed slashing tax rates for businesses to 15% from the current 35% for public corporations and 39.6% for small businesses, and on overseas corporate profits returned to the country. Oil prices climbed on Friday, amid hopes major oil produces will extend their production plan in order to stabilize the market, but gains were expected to remain limited as supply glut concerns continued to linger.

The Organization of the Petroleum Exporting Countries and other producers including Russia originally pledged to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year.

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Fundamental News
Gold prices struggled to hold onto gains, despite the release of weaker than expected economic data as both Initial Jobless Claims and Durable Goods Orders fell short of expectations while a bullish pending Home Sales print capped upside momentum.

U.S. President Donald Trump on Friday will order a review of offshore areas currently off limits to oil and gas drilling to determine which might be reopened, in his administration’s latest move to expand domestic energy production.

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Gold showed bullish movement and found the important resistance level of 28897. Now if it will close above the important resistance level of 29000 then 29300 will act as next resistance level. On the other hand 28600 will act as a major support level.

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Silver showed bearish movement and found the important support level of 39400. Now if it will close below the important support level of 39000 then 38200 will act as next support level. On the other hand 40000 will act as a major resistance level.

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Crude showed bullish movement and found the important resistance level of 3210. Now if it will close above the important resistance level of 3230 then 3300 will act as next resistance level. On the other hand 3100 will act as a major support level.

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Copper showed bullish movement and found the important resistance level of 374.15. Now if it will close above the important resistance level of 375 then 380 will act as next resistance level. On the other hand 365 will act as a major support level.

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