Profitable Gold Market News and Live MCX Tips

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Market Outlook
A weak U.S. dollar usually supports gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies. Market participants were looking ahead to reports on U.S. industrial production and consumer sentiment due later in the day. Oil prices, which lost ground earlier on Friday, have found some support from dollar weakness .DXY after the U.S. Federal Reserve indicated it would not accelerate plans for rate rises. The fall in the greenback boosted dollar-denominated crude.

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Fundamental News
Gold premiums rose in China this week as traders said supply of the precious metal was limited due to tightening import restrictions to stem currency outflows. Premiums climbed to over $20 an ounce against the international benchmark from $15-$17 last week.
Official data showed crude inventories in the United States, the world’s top oil consumer, fell last week as imports plunged, dropping after nine consecutive increases. Crude stockpiles fell by 237,000 barrels in the week to March 10, beating analyst expectations for an increase of 3.7 million barrels.

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Gold showed bullish movement and found the important resistance level of 28550. Now if it will sustain below the important support level of 28300 then 28100 will act as next support level. On the other hand 28600 will act as a major resistance level.

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Silver showed bullish movement and found the important resistance level of 41000. Now if it will sustain below 40500 then 40000 will act as next support level. On the other hand 41250 will act as a major resistance level.

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Crude showed sideways to bearish movement and found the important support level of 3180. Now if it will close below the important support level of 3150 then 3050 will act as next support level. On the other hand 3240 will act as a major resistance level.

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Copper showed bullish movement and found the important resistance level of 391. Now if it will close below the important support level of 385 then 380 will act as next support level. On the other hand 391 will act as a major resistance level.

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