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Get Profitable Base Metals Market News

Market Outlook
Gold prices lower on Friday, but the precious metal’s downside was expected to remain limited amid overall caution in the markets after a terrorist attack in Paris killed one person late Thursday and ahead of Sunday’s first round in the French presidential election. Oil prices edged lower on Friday, on course for the biggest weekly drop in a month, over doubts that an OPEC-led production cut will restore balance to an oversupplied market. Dip-buying appears to have emerged into the recent weakness in base metals prices, this fits in with our overall view to remain mildly bullish for the complex.

Fundamental News
A stronger U.S. dollar usually weighs on gold, as it dampens the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.

The value of the Brent forward curve has slumped steadily since the start of the OPEC-led cuts in January. The two-year calendar strip for Brent futures, or the average value of all contracts over that period, is down more than $4 since January at around $54.10 a barrel.

Gold showed bullish movement and found the important resistance level of 29447. If prices sustain above 29500 level in next trading session then this bullish momentum can take prices to 29700 level. If it breaks the support level of 29200 then 28700 will act as next support level.

Silver showed bearish movement and found the important support level of 41100. Now if it will close below the important support level of 41000 then 40500 will act as next support level. On the other hand 42000 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 3195. Now if it will close below the important support level of 3190 then 3150 will act as next support level. On the other hand 3300 will act as a major resistance level.

Copper showed bearish movement and found the important support level of 360.70. Now if it will close below the important support level of 356 then 350 will act as next support level. On the other hand 375 will act as a major resistance level.

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