Today’s Crude Oil Market News and Analysis

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Market Outlook

Oil price rise around three percent on Friday trade expectations that a weekend meeting of the world’s top oil producers OPEC and Non OPEC representative  would demonstrate compliance to a global output cut deal. The dollar price down on Friday as the lack of concrete policy reforms in the inauguration speech of newly sworn-in U.S. President Donald Trump. Gold prices edged higher on Friday, re-approaching a recent two-month peak as caution surrounding .Metals came under further pressure from comments by Fed’s Chair Yellen suggesting that U.S interest rates could be raised quickly this year.

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Fundamental News

Crude gain in Asia held steady on Friday after China GDP figures beat expectations and with the inauguration of Donald Trump at the 45th president of the U.S.

China’s gross domestic product (GDP) grew 6.8% year-on-year in the fourth quarter, slightly beating expectations by analysts of 6.7% growth for the calendar year.

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Gold showed sideway to bearish movement and found the important support level of 28530. Now if it will sustain below the important support level of 28400 then 28200 will act as next support level. On the other hand 28650 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 41100. Now if it will sustain below 40800 then 40300 will act as next support level. On the other hand 41750 will act as a major resistance level.

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Crude showed bullish movement and found the important resistance level of 3665. Now if it will close above the important resistance level of 3675 then 3725 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 movement and found the important support level of 389. Now if it will close below the important support level of 389 then 385 will act as next support level. On the other hand 400 will act as a major resistance level.

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