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Market Outlook

Gold prices edge higher on Wednesday, but stayed near the lowest level in around five weeks as investors worried about future Federal Reserve rate hikes. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. Oil fell to seven-month lows on Wednesday, set for its largest price slide in the first half of any year for the past two decades, as investors discounted evidence of strong compliance by OPEC and non-OPEC producers with a deal to cut global output. Data from the American Petroleum Institute on Tuesday showed U.S. crude stockpiles last week had dropped more than forecast.

Fundamental News

The remarks echoed similar comments made by Fed Chair Janet Yellen in last week’s press conference after the central bank hiked rates for the second time this year and maintained plans to go ahead with another rate hike by year-end.

Compliance with an agreement by the Organization of the Petroleum Exporting Countries and other producers to cut output by 1.8 million barrels per day from January reached its highest in May since the curbs were agreed last year.

Gold showed sideways to bearish movement and found the important support level of 28448. Now if it will close below the important support level of 28400 then 28150 will act as next support level. On the other hand 29000 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 37811. Now if it will close below the important support level of 37800 then 37500 will act as next support level. On the other hand 39000 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 2735. Now if it will close below the important support level of 2700 then 2650 will act as next support level. On the other hand 2850 will act as a major resistance level.

Copper showed bullish movement and found the important resistance level of 372.10. Now if it will close above the important resistance level of 373 then 380 will act as next resistance level. On the other hand 358 will act as a major support level.

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