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Today’s Base Metal Market News and Updates

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Market Outlook
Gold prices rose to a two-week high on Monday, as the U.S. dollar headed for its longest losing streak since November in wake of the Federal Reserve’s dovish guidance on the path of rate hikes this year. Traders will also keep an eye out on U.S. housing data to gauge if a recent increase in consumer spending and inflation is translating into higher home prices and a pick-up in home sales. Oil prices fell on Monday, with already-bloated markets pressured by rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts.

 

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Fundamental News
The Fed raised its benchmark interest rate last week in a widely-expected move, but stuck to its projection for two more hikes this year. Heading into the meeting, markets had braced for a potentially more hawkish tone from the Fed.
The cuts in OPEC production from the start of 2017 should start to show up between mid-March and mid-April. Over the coming weeks we expect a sharp reduction in imports and increase in refining runs which should lead to impressive crude inventory draws.

 

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Gold showed bullish movement and found the important resistance level of 28600. Now if it will sustain below the important support level of 28400 then 28200 will act as next support level. On the other hand 28600 will act as a major resistance level.

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Silver showed bullish movement and found the important resistance level of 41000. Now if it will sustain below 40500 then 40000 will act as next support level. On the other hand 41250 will act as a major resistance level.

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Crude showed sideways to bearish movement and found the important support level of 3130. Now if it will close below the important support level of 3130 then 3100 will act as next support level. On the other hand 3200 will act as a major resistance level.

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Copper showed sideways movement and found the important resistance level of 390. Now if it will close below the important support level of 385 then 380 will act as next support level. On the other hand 391 will act as a major resistance level.

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