Profitable Gold Market Updates & Free MCX Tips

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Market Outlook

Gold futures extended a slump into an eighth consecutive session Thursday, sending the yellow metal to the lowest level since the start of February amid increasing confidence the Federal Reserve will raise interest rates at its upcoming policy meeting next week. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced. Oil prices fell on Thursday, extending the biggest falls this year as record U.S. crude inventories kept sentiment weak, pointing to a global glut despite supply cuts.

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Fundamental News

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 102.11 in London morning trade, not far from last week’s two-month high of 102.27.

U.S. oil stockpiles have gained around 50 million barrels since the start of the year, raising some doubts over the effectiveness of OPEC cuts, said Hamza Khan, head of commodities strategy at ING Bank in Amsterdam.

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Gold showed bearish movement and found the important support level of 28400. Now if it will sustain below the important support level of 28400 then 28200 will act as next support level. On the other hand 28750 will act as a major resistance level.

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Silver showed sideways movement and found the important support level of 40850. Now if it will sustain below 40800 then 40300 will act as next support level. On the other hand 41200 will act as a major resistance level.

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Crude showed sideways to bearish movement and found the important support level of 3265. Now if it will close above the important resistance level of 3400 then 3500 will act as next resistance level. On the other hand 3250 will act as a major support level.

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Copper showed sideways to bearish movement and found the important support level of 378. Now if it will close below the important support level of 378 then 370 will act as next support level. On the other hand 385 will act as a major resistance level.

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