Today’s Gold Market Trend and Updates

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Market Outlook

Gold prices gained in European morning trade on Thursday, rising toward the highest level in about 11 weeks as the U.S. dollar slumped after the Federal Reserve gave no firm signal on the timing of its next rate hike. The Fed held interest rates steady on Wednesday as expected in its first meeting since President Donald Trump took office. We expect in coming session bullion trade to sideways to bullish. Oil prices fell on Thursday after official data showed U.S. crude and gasoline stockpiles rose sharply, although signs that OPEC and other producers are holding the line on output cuts are helping support prices.

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Fundamental News

Gold prices rose on Thursday in Asia with tensions between Iran and the U.S, over a ballistic missile test by Tehran this week and even the tenor of President Donald Trump’s phone calls with world leaders and attention turns to the possibility of a strike in Chile at a key copper mine.

Oil prices steadied on Thursday after a sharp rise in U.S. crude and gasoline stockpiles, although evidence that OPEC and other big exporters were cutting production helped support sentiment.

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Gold showed bullish movement and found the important resistance level of 29070. Now if it will sustain above the important resistance level of 29100 then 29300 will act as next resistance level. On the other hand 28500 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 42470. Now if it will sustain above 42500 then 43200 will act as next resistance level. On the other hand 41500 will act as a major support level.

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Crude showed bullish movement and found the important resistance level of 3663. Now if it will close above the important resistance level of 3700 then 3750 will act as next resistance level. On the other hand 3540 will act as a major support level.

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Copper showed bearish movement and found the important support level of 395.30. Now if it will close below the important support level of 393 then 385 will act as next support level. On the other hand 400 will act as a major resistance level.

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