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Beneficial Gold & Crude Oil Updates and Free MCX Tips

Market Outlook

Gold prices edged higher on Thursday, moving away from their lowest level in around five weeks as recent selling pressure tied to bets on another U.S. interest rate hike this year lost steam. Oil slid back toward multi-month lows on Thursday, after a brief recovery early in the session, as traders warily eyed a glut of physical supply that has persisted despite OPEC-led efforts to balance the market. U.S. crude futures were down 14 cents at $42.39 a barrel, after also spending much of the day trading higher. On Wednesday, they touched their lowest intraday level since August 2016.

Fundamental News

Gold prices traded above breakeven on Wednesday, as the dollar faded despite data showing that U.S. existing home sales unexpectedly rose in May while growing expectations for a rate hike later this year limited upside in the precious metal.

Oil prices lost around 2% on Wednesday, plunging deeper into bear market territory, after U.S. government data revealed a rise in domestic crude production, which more than offset a drop in oil and gasoline stockpiles.

Gold showed sideways movement and found the important support level of 28641. Now if it will close below the important support level of 28600 then 28400 will act as next support level. On the other hand 29000 will act as a major resistance level.

Silver showed bullish movement and found the important resistance level of 38533. Now if it will close above the important resistance level of 38700 then 39500 will act as next resistance level. On the other hand 37800 will act as a major support level.

Copper showed bullish movement and found the important resistance level of 2813. Now if it will close above the important resistance level of 2830 then 2900 will act as next resistance level. On the other hand 2700 will act as a major support level.

Copper showed bullish movement and found the important resistance level of 372.70. Now if it will close above the important resistance level of 373 then 380 will act as next resistance level. On the other hand 358 will act as a major support level.

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