Gold Market News and Live MCX Tips

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Market Outlook

Gold prices slid lower on Friday, as the dollar regained some ground after Thursday’s three major risk events, although markets were still awaiting the final results of the U.K. election. A stronger U.S. dollar usually weighs on gold, as it weakens the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies. Oil was on track for a weekly loss of about 4% as it seesawed Friday amid a global supply glut. Oil has struggled to shake off the impact of a surprise jump in U.S. crude inventories earlier in the week.

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Fundamental News

Gold’s losses were limited after U.K. Prime Minister Theresa May’s Conservative Party lost its parliamentary majority in Thursday’s general election, potentially disrupting Brexit negotiations.

The U.S. Energy Information Administration said crude oil inventories rose by 3.3 million barrels in the week ended June 2, disappointing expectations for a crude-stock decline of 3.4 million barrels.

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Gold showed bearish movement and found the important support level of 28905. Now if it will close below the important support level of 28850 then 28600 will act as next support level. On the other hand 29300 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 39558. Now if it will close below the important support level of 39500 then 39000 will act as next support level. On the other hand 40500 will act as a major resistance level.

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Crude showed sideways movement and found the important support level of 2910. Now if it will close below the important support level of 2900 then 2850 will act as next support level. On the other hand 3000 will act as a major resistance level.

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Copper showed bullish movement and found the important resistance level of 375.80. Now if it will close above the important resistance level of 378 then 385 will act as next resistance level. On the other hand 365 will act as a major support level.

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