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Market Outlook

Gold and silver future traded solidly higher after a volatile start to 2017, with prices looking to add to last year’s rise despite from upbeat data on U.S. manufacturing, a rise in global stocks and strength in the U.S. dollar. On Tuesday gold and silver trade bullish around 1% & 3.5% respectively. In coming session bullion may be trade in bullish rang. Crude oil fell yesterday around 2.5% as unexpected policies of Donald trump’s. Next working session crude may trade with some correction in bullish note.

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Fundamental News

After gaining more than 8 per cent in 2016, gold extended its strong run into the New Year, pushed higher in 2017’s first day of trading on Tuesday by technical buying, despite pressure from a strong dollar.

U.S. stocks and the dollar pared advances after crude oil fell from an 18-month high, as analysts and economists suggested investors may be too sanguine about the impact of Donald Trump’s policies on global financial assets.

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Gold showed sideway to positive movement and found the important resistance level of 27825. Now if it will sustain below the important support level of 27900 then 28200 will act as next support level. On the other hand 27500 will act as a major resistance level.

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Silver showed sideways movement and found the important resistance level of 40600. Now if it will sustain below 39700 then 39000 will act as next support level. On the other hand 40700 will act as a major resistance level.

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Crude showed sideways to bullish movement and found the important resistance level of 3780. Now if it will close above the important resistance level of 3800 then 3850 will act as next resistance level. On the other hand 3550 will act as a major support level.

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Copper showed strong movement and found the important resistance level of 384.15. Now if it will close below the important support level of 374 then 368 will act as next support level. On the other hand 385 will act as a major resistance level.

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