Profitable Updates for Gold Market

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Market Outlook

Gold and silver were trading higher with marginal gains in morning trade on Wednesday as Donald Trump’s inauguration if he continues to make statements as president that prompt investors to enter safe havens. U.S. oil prices hit their biggest discount to global benchmark Brent crude in five months as President-elect Donald Trump said an oil import tax plan would be too complex and as a global deal to reduce supply hits Middle East output. We expect in coming session it may trade sideways to bearish. Base metals trading on the London Metal Exchange were mostly higher during trading on Wednesday January 18 as they found support from a softer dollar and next session it may trade to more bullish.

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Fundamental News

Gold and silver on the Multi Commodity Exchange (MCX) were trading higher in early trade on Wednesday on account of buying of precious metals by retailers, investors and industries.

Crude prices fell Wednesday, weighed down by a stronger dollar and concerns that rising U.S. shale production may offset a move by major producers to cut global supply.

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Gold showed sideway to bullish movement and found the important resistance level of 28825. Now if it will sustain below the important support level of 28650 then 28500 will act as next support level. On the other hand 29000 will act as a major resistance level.

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Silver showed bullish movement and found the important resistance level of 42100. Now if it will sustain below 41500 then 41000 will act as next support level. On the other hand 42300 will act as a major resistance level.

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Crude showed sideways to bearish movement and found the important support level of 3480. Now if it will close above the important resistance level of 3575 then 3650 will act as next resistance level. On the other hand 3480 will act as a major support level.

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Crude showed sideways to bearish movement and found the important support level of 3480. Now if it will close above the important resistance level of 3575 then 3650 will act as next resistance level. On the other hand 3480 will act as a major support level.

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