Todays Gold & Silver Market Trend and Profitable Call

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Market Outlook

Gold prices edged up a bit on Monday, but held near a seven-week low after pro-European Union centrist Emmanuel Macron beat anti-EU, anti-immigration far-rightist Marine Le Pen to clinch the French presidency. Oil prices gave up early gains on Monday, as the market weighed news from OPEC and other producers about prolonging output cuts against data showing the recovery in U.S. drilling had extended for a year. The base metals remain under pressure and prices are vulnerable as support levels have either been breached, as in the case of nickel and copper, or are being tested.

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Fundamental News

Gold gained in Asia after centrist Emmanuel Macron matched opinion poll expectations and beat anti-EU far-right candidate Marine Le Pen and as investors looked ahead to China trade data.

Crude has been under pressure in recent weeks amid fears that an ongoing rebound in U.S. shale production is derailing efforts by other major producers to rebalance global oil supply and demand.U.S. Drillers last week added rigs for the 16th week in a row, data showed on Friday, implying that further gains in domestic production are ahead.

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Gold showed sideways to bearish movement and found the important support level of 28055. Now if it will close below the important support level of 28000 then 27700 will act as next support level. On the other hand 28300 will act as a major resistance level.

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Silver showed sideways to bearish movement and found the important support level of 37900. Now if it will close below the important support level of 37800 then 37000 will act as next support level. On the other hand 38500 will act as a major resistance level.

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Crude showed sideways movement and found the important resistance level of 3020. Now if it will close above the important resistance level of 3040 then 3100 will act as next resistance level. On the other hand 2930 will act as a major support level.

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Copper showed sideways movement and found the important resistance level of 359. Now if it will close above the important resistance level of 363 then 377 will act as next resistance level. On the other hand 352 will act as a major support level.

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