Today’s Gold Market Trend and Call’s

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Gold prices slipped lower on Friday, as the U.S. dollar regained some strength ahead of a highly-anticipated vote on U.S. President Donald Trump’s healthcare bill. Oil prices edged up on Friday, supported by a fall in Saudi exports to the United States, but overall markets remained under pressure on the back of a world market awash with fuel. The base metals are for the most part still consolidating as there appears to be overhead supply and while consumers are prepared to buy dips they do not seem to feel the need to chase prices higher.

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Fundamental News

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.15% at 99.71, pulling away from Wednesday’s six-week low of 99.34.

OPEC’s goal of drawing down inventories to normal levels is not going to be reached before their agreement expires on June 30, said U.S. investment bank Jefferies in a note to clients. Despite the OPEC-led cuts that began in January, Brent has fallen by over 13 percent from its 2017 highs in early January as other producers have stepped up and filled the gap.

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Gold showed sideways to bullish movement and found the important resistance level of 28820. Now if it will sustain below the important support level of 28700 then 28500 will act as next support level. On the other hand 29000 will act as a major resistance level.

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Silver showed bullish movement and found the important resistance level of 41620. Now if it will sustain below 41000 then 40500 will act as next support level. On the other hand 42000 will act as a major resistance level.

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Crude showed sideways to bearish movement and found the important support level of 3120. Now if it will close below the important support level of 3100 then 3050 will act as next support level. On the other hand 3190 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 379. Now if it will close below the important support level of 378 then 374 will act as next support level. On the other hand 385 will act as a major resistance level.

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