Gold Market and Silver Market News

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Market Outlook

Gold prices bounced off their lowest level in around eight weeks on Wednesday, as the dollar lost some momentum after striking a one-and-a-half-month high, luring some investors back to the precious metal. Oil prices eased on Wednesday, pulled down by caution that a rally that lasted for most of the third quarter would not extend through the last three months of the year. The drops came over concerns that a third-quarter market rally that had lifted Brent to mid-2015 highs by late September had been overdone. Zinc and lead prices are setting new highs for the year and aluminum and nickel prices are following, although have yet to push into new high ground for the year while nickel is rallying off a lower base than aluminum.

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Fundamental News

Gold prices were restricted to a narrow $7 trading range hovering above seven-week lows amid dollar weakness as investor’s awaited direction from top-tier economic data and a speech from Fed chair Yellen later in the week.

Iran’s oil minister said on Wednesday he saw no objection within OPEC to extending or even deepening an OPEC-led deal to cut oil output get rid of a supply glut.

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Gold showed bearish movement and found the important support level of 29360. Now if it will close below the important support level of 29350 then 29300 will act as next support level. On the other hand, 29600 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 39000. Now if it will close below the important support level of 39000 then 38700 will act as next support level. On the other hand, 39650 will act as a major resistance level.

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Crude showed bearish movement and found the important support level of 3270. Now if it will close below the important support level of 3250 then 3200 will act as next support level. On the other hand, 3370 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 425.50. Now if it will close below the important support level of 425 then 420 will act as next support level. On the other hand, 435 will act as a major resistance level.

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