Today’s Precious Metal Market News and Calls

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Market Outlook

Gold prices remained unchanged on Friday, as safe haven demand remained subdued, despite a pair of disappointing U.S. economic reports raising concerns about the outlook of U.S. economic growth in the second quarter. Crude futures settled higher on Friday, but ended the week in negative territory, as investors continued to doubt whether Opec and its allies’ global pact to curb production would stem the glut in supply amid rising U.S. output. Base metals prices are for the most part edging higher, the exceptions are aluminium that is lingering around recent lows and copper that is struggling to get any follow through buying after Thursday’s attempted rebound.

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Fundamental News

Gold struggled, however, to capitalize on the slump in the dollar as investor sentiment on the precious metal remained negative, after the Federal Reserve on Wednesday signaled that an additional rate hike may be appropriate.

Oilfield services firm Baker Hughes reported on Friday that the number of U.S. oil drilling rigs in operation rose by 6 to 747 in the week to June 16, stoking fears that the rising U.S average.

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Gold showed bearish movement and found the important support level of 28675. Now if it will close below the important support level of 28600 then 28350 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 38430. Now if it will close below the important support level of 38400 then 37800 will act as next support level. On the other hand 39000 will act as a major resistance level.

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Crude showed sideways movement and found the important support level of 2871. Now if it will close below the important support level of 2850 then 2800 will act as next support level. On the other hand 3000 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 364.30. Now if it will close below the important support level of 363 then 358 will act as next support level. On the other hand 370 will act as a major resistance level.

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