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Market Outlook

Gold has risen over 8% so far this year despite the recent sell off. Sentiment however remains cautions as investors gear up for more rate hikes in 2017. A stronger Rupee could limit upside. We expect precious metals prices to trade higher for the day. Base metals are trading in green on the LME as dollar weakness is including strength across the commodity complex. We expect copper, zinc and lead prices to trade higher while range bound in Nickel. In energy sector,  we expect Crude oil prices to trade higher for the day, shrugging off a second consecutive weak of U.S. crude oil inventory builds, with a U.S. Energy Information Administration report late on Thursday indicating an unexpected rise in crude stocks.

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Fundamental News

Gold futures moved in and out of positive territory Friday, risking a fifth straight session gain, but still on track to snap what had been the longest weekly losing streak in more than 12 years.

Oil prices settled slightly lower on Friday, the year’s last trading day, but attained their biggest annual gain since 2009, after OPEC and partners agreed to cut output to reduce a supply overhang that has depressed prices for two years.

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Gold showed sideway to negative movement and found the important resistance level of 27650. Now if it will sustain below the important support level of 27400 then 27200 will act as next support level. On the other hand 27700 will act as a major resistance level.

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Silver showed bullish movement and found the important resistance level of 39950. Now if it will sustain below the important support level of 39500 then 39000 will act as next support level. On the other hand 40000 will act as a major resistance level.

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Crude showed sideways to bearish movement and found the important support level of 3638. Now if it will close above the important resistance level of 3675 then 3725 will act as next resistance level. On the other hand 3620 will act as a major support level

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Copper showed strong movement and found the important resistance level of 379. Now if it will close below the important support level of 374 then 368 will act as next support level. On the other hand 380 will act as a major resistance level.

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