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Intraday Trading Crude Oil Report & News

Market Outlook

Gold dipped on Thursday as investors looked ahead to China and Australia trade data regionally a trio of events that heighten market risk, an ECB policy review, the U.K. general election and testimony by fired FBI director James Comey to Congress. Oil prices gave up modest overnight gains on Thursday, falling to a fresh one-month low in the wake of data showing a surprise build in U.S. crude stockpiles. Aluminium prices have generally held up better than the rest of the complex. Once, or if, sentiment picks up again, which it may do considering the better Chinese trade data for May, we would expect the earlier firmer tone in aluminium prices to return.

Fundamental News
Gold eased from lows, as the dollar pared earlier gains against the euro, which fell to session lows earlier, after a report surfaced from Bloomberg, suggesting the ECB will cut its inflation forecast for the next three years to 1.5% amid a slump in energy prices.
The oil price has slipped below $50 a barrel despite a pledge by the world’s largest exporters to extend an existing output cut of 1.8 million barrels per day (bpd) into next year in an effort to reduce bulging global inventories.

Gold showed bearish movement and found the important support level of 29020. Now if it will close below the important support level of 29000 then 28800 will act as next support level. On the other hand 29500 will act as a major.

Silver showed bearish movement and found the important support level of 39775. Now if it will close below the important support level of 39500 then 39000 will act as next support level. On the other hand 40500 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 2911. Now if it will close below the important support level of 2900 then 2850 will act as next support level. On the other hand 3000 will act as a major resistance level.

Copper showed bullish movement and found the important resistance level of 370.90. Now if it will close abovethe important resistance level of 372 then 378 will act as next resistance level. On the other hand 365 will act as a major support level.

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