Today’s Crude Oil Market News and Calls

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Market Outlook
Gold prices edged lower on Thursday, pulling back from the prior session’s three-week high as markets looked ahead to a key health care vote in Congress later in the day. Oil prices climbed off four-month lows on Thursday but the recovery was cautious with investors fretting that OPEC-led supply cuts were not yet reducing record U.S. crude inventories. Base metals prices have become choppier in recent weeks and the upsides do seem capped by overhead selling/supply, but dips are also tending to be short-lived, even if some have been quite severe.3

Fundamental News
The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.
Global stockpiles have continued rising since then. On Wednesday, data from the U.S. Energy Information Administration showed U.S. inventories jumped by a bigger-than-expected 5 million barrels last week to 533.1 million.

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Gold showed sideways to bullish movement and found the important resistance level of 28950. Now if it will sustain below the important support level of 28750 then 28500 will act as next support level. On the other hand 29000 will act as a major resistance level.

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Silver showed bullish movement and found the important resistance level of 41500. Now if it will sustain below 41000 then 40500 will act as next support level. On the other hand 41900 will act as a major resistance level.

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Crude showed bearish movement and found the important support level of 3130. Now if it will close below the important support level of 3100 then 3050 will act as next support level. On the other hand 3190 will act as a major resistance level.

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Copper showed sideways to bullish movement and found the important resistance level of 384.20. Now if it will close above the important resistance level of 385 then 390 will act as next resistance level. On the other hand 380 will act as a major support level.

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