Gold Market Profitable News

Market Outlook

Gold prices fell to one-and-a-half month lows on Monday and were on track to post a third straight session of losses as a recovery in the dollar hit investor demand for the precious metal. The dollar pulled away from nine-month lows against a basket of the other major currencies on Monday after slumping amid expectations that several global central banks are getting ready to join the Federal Reserve in tightening monetary policy. Oil prices rose for an eighth day on Monday, their longest rally in over five years after data pointed to moderating U.S. output, but analysts said news of rising OPEC production could temper gains.

Fundamental News

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, but weakness in the dollar in which it is priced has been offsetting the impact of higher yields.

Drilling activity for new oil production in the United States fell for the first time since January, dropping by two rigs, while U.S. government data showed crude output fell in April for the first time this year.

Gold showed bearish movement and found the important support level of 28105. Now if it will close below the important support level of 28000 then 27700 will act as next support level. On the other hand, 28450 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 37770. Now if it will close below the important support level of 37700 then 37000 will act as next support level. On the other hand, 38500 will act as a major resistance level.

Crude showed bullish movement and found the important resistance level of 3047. Now if it will close above the important resistance level of 3050 then 3100 will act as next resistance level. On the other hand, 3000 will act as a major support level.

Copper showed sideways to bullish movement and found the important resistance level of 390. Now if it will close above the important resistance level of 391 then 398 will act as next resistance level. On the other hand, 380 will act as a major support level.

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