Get Profitable Gold & Crude Oil News

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Market Outlook

Gold prices held steady on Wednesday, amid mounting expectations for a U.S. rate hike next month as investors awaited the release of key U.S. employment data later in the week. Gold is sensitive to moves higher in both U.S. rates and the dollar – stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates. U.S. oil tumbled on Wednesday, as an increase in Libyan production sparked fresh concerns over a global supply glut despite the extension of OPEC-let output cuts.U.S. Crude futures for July delivery were down 1.93% at $48/69 a barrel, the lowest since May 26.

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Fundamental News

Overnight, gold retreated from a one-month high, despite an increase in safe haven demand amid ongoing geopolitical concerns in Europe while hawkish comments concerning U.S. interest rates from a top Fed official capped upside momentum.

Gasoline demand during the U.S. summer driving season may support crude prices, analysts said. For this past Memorial Day holiday weekend, the American Automobile Association had forecast the highest driving mileage since 2005.

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Gold showed Sideway movement and found the important support level of 28643. Now if it will close below the important support level of 28600 then 28400 will act as next support level. On the other hand 29000 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 39910. Now if it will close below the important support level of 39700 then 39200 will act as next support level. On the other hand 40700 will act as a major resistance level.

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Crude showed bearish movement and found the important support level of 3090. Now if it will close below the important support level of 3080 then 3050 will act as next support level. On the other hand 3200 will act as a major resistance level.

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Copper showed bullish movement and found the important resistance level of 369.60. Now if it will close above the important resistance level of 372 then 380 will act as next resistance level. On the other hand 358 will act as a major support level.

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