Edge in Crude Oil and Profitable News

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Market Outlook

Gold prices traded near their highest level in around seven weeks on Monday, as market players looked ahead to a busy week of economic data, including the monthly U.S. jobs report. Oil rose on Monday, putting July on track to become the strongest month this year, as news of a producers’ technical meeting next week added to bullish sentiment driven by the threat of U.S. sanctions against OPEC member Venezuela. Despite weaker than expected Chinese PMI data, the base metals are performing strongly with prices seeing some follow-through buying after the stronger tone seen last week.

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Fundamental News

Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

Crude futures briefly rose above $50 overnight for the first time since May after OPEC said it would meet next week to discuss why some nations are falling behind on their pledge to cut production.

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Gold showed bullish movement and found the important resistance level of 28620. Now if it will close above the important resistance level of 28650 then 29000 will act as next resistance level. On the other hand, 28300 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 38820. Now if it will close above the important resistance level of 39000 then 39500 will act as next resistance level. On the other hand, 37500 will act as a major support level.

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Crude showed bearish movement and found the important support level of 3214. Now if it will close below the important support level of 3200 then 3150 will act as next support level. On the other hand, 3250 will act as a major resistance level.

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Copper showed bullish movement and found the important resistance level of 413.85. Now if it will close above the important resistance level of 415 then 420 will act as next resistance level. On the other hand, 400 will act as a major support level.

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