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Gold bars on nugget grains background, close-up

Market Outlook
Gold prices gained solidly on Monday as China GDP came in better than expected and tensions on the Korean peninsula supported demand. China on Monday reported first quarter GDP rose 1.3% on the quarter compared to the same period a year ago for an annual pace of 6.9%, beating expectations for the year comparison. Gold prices shrugged off upbeat economic data as investors continued to pour into safe haven assets. Crude oil slid lower on Monday on signs that the United States is continuing to add output, largely counteracting strong economic growth in China and OPEC efforts to cut production.

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Fundamental News
Dollar-denominated gold is sensitive to moves in the dollar – A rise in the dollar makes dollar-denominated assets such as gold, more expensive for holders of foreign currency and thus, reduces demand.

Most oil producers support an extension of output cuts by OPEC and non-OPEC countries, and Iran would also back such a move.

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Gold showed sideways to bullish movement and found the important resistance level of 29483. Now if it will close above the important resistance level of 29500 then 29700 will act as next resistance level. On the other hand 29000 will act as a major support level.

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Silver showed sideways movement and found the important resistance level of 42750. Now if it will close above the important resistance level of 42800 then 43500 will act as next resistance level. On the other hand 42000 will act as a major support level.

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Crude showed sideways to bearish movement and found the important support level of 3393. Now if it will close below the important support level of 3390 then 3350 will act as next support level. On the other hand 3450 will act as a major resistance level.

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Copper showed bullish movement and found the important resistance level of 371.95. Now if it will close above the important resistance level of 375 then 380 will act as next resistance level. On the other hand 363 will act as a major support level.

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