Today’s Precious Metal Market Analysis

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Market Outlook

Gold remained steady on Friday with global political uncertainty, the upcoming elections in Europe in particular, seen supporting prices of the yellow metal, driving the metal to its best quarter in a year. Oil prices fell on Friday as traders took profits following three days of straight gains on the expectation that an OPEC-led crude supply cut that was initially supposed to only last for the first half of the year would be extended. The trends in the base metals remain broadly upward, albeit to varying degrees, but the upside going is labored for most of the metals as higher prices attract selling.

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Fundamental News
Gold demand in India rose this week due to a festival and as local prices adjusted to an appreciating rupee, while higher prices kept a check on demand elsewhere in Asia.

China’s largest crude oil buyer Sinopec aims to ship more cargoes from Brazil, the United States and Canada, to help ensure stable crude supplies as the Middle East boost refining capacity and Africa suffers disruptions.

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Gold showed bearish movement and found the important support level of 28420. Now if it will sustain below the important support level of 28400 then 28200 will act as next support level. On the other hand 28600 will act as a major resistance level.

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Silver showed bearish movement and found the important resistance level of 41900. Now if it will sustain below 41900 then 41500 will act as next support level. On the other hand 42500 will act as a major resistance level.

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Crude showed bullish movement and found the important resistance level of 3288. Now if it will close below the important support level of 3200 then 3120 will act as next support level. On the other hand 3300 will act as a major resistance level.

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Copper showed bullish movement and found the important support level of 378. Now if it will close below the important support level of 378 then 370 will act as next support level. On the other hand 386 will act as a major resistance level.

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