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Profitable Updates for Gold & Crude Oil Markets

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Market Outlook

Gold prices edged higher on Friday, as investors digested the latest Federal Reserve meeting minutes. The dollar clawed back some ground on Friday after skidding to a two-week low against the yen, but was still on track for weekly losses after the Federal Reserve meeting minutes disappointed dollar bulls. Oil prices held gains on data showing U.S. stockpiles rose for a seventh straight week but at a pace that was well below expectations, and news of oil being sold out of storage in Southeast Asia.

U.S. West Texas Intermediate was unchanged at $54.45 a barrel by pulling back from early losses. WTI was on track for a weekly gain of about 2 percent, which would be its biggest so far this year.

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Fundamental News

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 101.32 in London morning trade, retreating from the prior session’s high of 101.71.

Oil prices rose but gains were pared after U.S. government data showed a seventh straight build in crude stocks, suggesting high inventories could undermine OPEC’s move to cut output. 86 cents at $54.45 a barrel after touching $54.94 a barrel.

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Gold showed bullish movement and found the important support level of 29450. Now if it will maintain above the important resistance level of 29450 then 29600 will act as next resistance level. On the other hand 29200 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 43065. Now if it will maintain above 43200 then 43600 will act as next resistance level. On the other hand 42500 will act as a major support level.

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Crude showed sideways to bearish movement and found the important support level of 3620. Now if it will close above the important resistance level of 3670 then 3720 will act as next resistance level. On the other hand 3590 will act as a major support level.

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Copper showed bearish movement and found the important support level of 389. Now if it will close below the important support level of 388 then 380 will act as next support level. On the other hand 395 will act as a major resistance level.

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