Upcoming Gold & Crude Oil Market News

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Market Outlook

Gold prices resumed losses from the prior session during on Thursday, amid rising expectations that the Federal Reserve will raise interest rates later this month. Oil prices fell on Thursday after U.S. crude stocks hit an all-time high and official data showed Russian oil production unchanged in February, with no further cuts to tighten the market and drain global oversupply. The base metals are consolidating after Wednesday’s gains with prices off an average of 0.3%.

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Fundamental News

Gold gave back most of its losses as the dollar pared gains and bullion shrugged off earlier pressure from U.S. Federal Reserve officials’ comments that raised expectations of an interest rate hike in March.

The Organization of the Petroleum Exporting Countries (OPEC) reduced its oil output for a second month in February, a Reuter’s survey found, showing the exporter group has boosted already strong compliance to around 94 percent.

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Gold showed bearish movement and found the important support level of 29143. Now if it will sustain below the important support level of 29100 then 28800 will act as next support level. On the other hand 29350 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 42500. Now if it will sustain below 42500 then 42000 will act as next resistance level. On the other hand 43000 will act as a major support level.

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Crude showed sideways to bearish movement and found the important resistance level of 3530. Now if it will close above the important resistance level of 3500 then 3400 will act as next resistance level. On the other hand 3600 will act as a major support level.

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Copper showed sideways to bearish movement and found the important support level of 396. Now if it will close below the important support level of 395 then 390 will act as next support level. On the other hand 402 will act as a major resistance level.

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