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Get Profitable Gold Tips and News

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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Today’s Profitable Silver Market News

 

Market Outlook

Gold prices edged higher on Wednesday, as investors looked ahead to the outcome of the Federal Reserve’s two-day policy meeting, at which it is expected to deliver an interest rate hike. Oil prices fell on Wednesday after industry data showed a build in U.S. crude stocks and OPEC reported a rise in its production despite a pledge to cut output. The base metals remain in a ‘glass-half-empty’ mood; copper prices seem to be the ones trying to shake off their gloom while the others continue to drift with any effort to look brighter being short-lived.

Fundamental News

Gold futures traded in a narrow range, as investors held off initiating large positions in the precious metal ahead of the start of the Federal Reserve’s June meeting, which concludes on Wednesday, with the majority of traders expecting an interest rate hike.

Crude prices have fallen more than 10 percent since late May, pulled down by heavy global oversupply that has persisted despite a move led by the Organization of the Petroleum Exporting Countries to curb production.

Gold showed bullish movement and found the important resistance level of 29087. Now if it will close above the important resistance level of 29100 then 29500 will act as next resistance level. On the other hand 28800 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 39821. Now if it will close above the important resistance level of 40000 then 40500 will act as next resistance level. On the other hand 38800 will act as a major support level.

Crude showed bearish movement and found the important support level of 2863. Now if it will close below the important support level of 2850 then 2800 will act as next support level. On the other hand 3000 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 2863. Now if it will close below the important support level of 2850 then 2800 will act as next support level. On the other hand 3000 will act as a major resistance level.

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Free MCX Tips & Silver Market News

Market Outlook

Gold rose to session highs on Friday, buoyed by the return of safe haven demand, as the U.S. dollar fell to a seven-month low, after data showed that U.S. economy created fewer jobs than expected last month. Gold remained on track to post a gain for the week, fresh on the heels of achieving its longest monthly winning streak since 2010 in May. Crude futures tumbled more than 1%, as President Donald Trump’s decision to withdraw from the 2015 Paris climate agreement, sparked concerns that U.S. oil production could expand rapidly in the absence of a stringent focus on curbing the use of fossil fuels.

Fundamental News

Gold hit a session high of $1,278.95 just shy of six-week highs, as an unexpected dip in U.S. job growth, fuelled concerns about the strength of the U.S. economy, increasing demand for gold, which is traditionally used as a safe haven against economic uncertainty and volatility.

Opec and non-Opec members last week agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.8 million bpd agreed in November last year.

Gold showed bullish movement and found the important resistance level of 29137. Now if it will close above the important resistance level of 29200 then 29500 will act as next resistance level. On the other hand 28800 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 40400. Now if it will close above the important resistance level of 40500 then 41000 will act as next resistance level. On the other hand 39500 will act as a major support level.

Crude showed bearish movement and found the important support level of 3021. Now if it will close below the important support level of 3000 then 2950 will act as next support level. On the other hand 3100 will act as a major resistance level.

Copper showed bearish movement and found the important support level of 360.65. Now if it will close below the important support level of 360 then 355 will act as next support level. On the other hand 372 will act as a major resistance level.

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Free MCX Tips Precious Metals Market News

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Market Outlook

Gold prices were lower on Wednesday, as investors looked ahead to minutes of the Federal Reserve’s latest policy meeting due later in the global day for further hints on the timing of the next U.S. rate hike. The Fed will release minutes of its most recent policy meeting as traders seek further insight into the likelihood of higher interest rates in the months ahead. Oil prices were higher on Wednesday, trying for their sixth straight session of gains on the likelihood that OPEC will extend production cuts for another nine months when it meets on Thursday. The base metals prices are weaker; the exception is aluminium that is little changed, while the rest are down by an average of 0.9%.

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Fundamental News

The U.S. central bank left interest rates unchanged following its meeting on May 3 and gave a positive assessment of the U.S. economy, suggesting it was still on track for two more rate hikes this year.

Prices have rebounded on a growing consensus that a pledge by the OPEC and other producers, including Russia, to cut supplies by 1.8 million barrels per day would be extended to March 2018, instead of just covering the first half of this year.

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Gold showed sideways movement and found the important resistance level of 28850. Now if it will close above the important resistance level of 28850 then 29050 will act as next resistance level. On the other hand 28500 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 39900. Now if it will close above the important resistance level of 39900 then 40400 will act as next resistance level. On the other hand 39500 will act as a major support level.

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Crude showed sideways movement and find the important resistance level of 3400. Now if it will close above the important resistance level of 3400 then 3450 will act as next resistance level. On the other hand 3300 will act as a major support level.

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Copper showed sideways movement and find the important resistance level of 373. Now if it will close above the important resistance level of 373 then 378 will act as next resistance level. On the other hand 368 will act as a major support level.

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Today’s Special Crude Oil Market Updates

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Market Outlook

Gold prices added to overnight gains on Wednesday, touching the highest level in two weeks as markets become increasingly worried about political turmoil involving U.S. President Donald Trump. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases. Oil prices edged lower on Wednesday, moving further away from the strongest level in more than three weeks after industry data overnight showed a surprise increase in U.S. oil stockpiles.

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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, weakened for a sixth straight day, falling around 0.2% to 97.86.

As oilfield workers for Lilis Energy Inc threaded together drill pipes one recent morning in the Permian Basin, a bulldozer cleared sagebrush to make way for the company’s fifth well since January.

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Gold showed bullish movement and broke the important resistance level of 28200. Now if it will close above the important resistance level then 28700 will act as next resistance level. On the other hand 28100 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 39400. Now if it will close above the important resistance level of 39400 then 39700 will act as next resistance level. On the other hand 39000 will act as a major support level.

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Crude showed sideways movement and find the important support level of 3110. Now if it will close below the important support level of 3110 then 3060 will act as next support level. On the other hand 3180 will act as a major resistance level.

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Crude showed sideways movement and find the important support level of 3110. Now if it will close below the important support level of 3110 then 3060 will act as next support level. On the other hand 3180 will act as a major resistance level.

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