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Market Outlook

Gold prices pulled away from the previous session’s five-week highs on Thursday, as the dollar regained some ground ahead of a string of U.S. data due later in the day and on Friday amid mounting hopes for a June rate hike by the Federal Reserve. Oil prices rose on Thursday, rallying from three-week lows after industry data showed a big draw in U.S. crude stocks, suggesting that the world’s largest oil market could be tightening faster than expected. Wednesday’s initial weaker tone on the LME did run into some buying for copper, aluminium and lead while nickel and zinc were weaker.

Fundamental News

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

The Organization of the Petroleum Exporting Countries and other producers including Russia are trying to restrict output to drain stockpiles that are close to record highs in many parts of the world. But U.S. crude production is rising fast as new technology helps to extract shale oil, making the United States more self-sufficient in energy.

Gold showed bearish movement and found the important support level of 28870. Now if it will close below the important support level of 28600 then 28400 will act as next support level. On the other hand 29100 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 39333. Now if it will close below the important support level of 39000 then 38500 will act as next support level. On the other hand 40500 will act as a major resistance level.

Crude showed bullish movement and found the important resistance level of 3175. Now if it will close above the important resistance level of 3200 then 3250 will act as next resistance level. On the other hand 3100 will act as a major support level.

Copper showed sideway to bullish movement and found the important resistance level of 369.90. Now if it will close above the important resistance level of 374 then 380 will act as next resistance level. On the other hand 358 will act as a major support level.

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