Today’s Special Gold Market Updates & News

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Market Outlook

Gold prices slid to the lowest level in around a week on Tuesday, as investors prepared for a rate hike by the Federal Reserve. Gold prices settled lower on Monday for a fourth session in a row. The Federal Reserve kicks off its two-day policy meeting on Tuesday, at which it is widely expected to raise the fed funds target range by a quarter point to a range between 1.0%-1.25%.Oil prices rose slightly on Tuesday after Saudi Arabia said it would make significant export cuts in July amid signs of a drawdown in U.S. crude inventories, though increasing U.S. output continues to weigh on the market.

3Fundamental News

Gold is sensitive to moves higher in U.S. interest rates, which lift the opportunity cost of holding non-yielding assets such as bullion. Despite investor expectations of an interest rate hike, demand for gold has remained robust in recent months.

OPEC’s exports have been falling since the start of the cuts in January, although some members such as Libya and Nigeria are exempt and doubts remain over the compliance of others, including Iraq.

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Gold showed bearish movement and found the important support level of 28810. Now if it will close below the important support level of 28800 then 28600 will act as next support level. On the other hand 29100 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 38632. Now if it will close below the important support level of 38500 then 38000 will act as next support level. On the other hand 39500 will act as a major resistance level.

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Crude showed sideways to bearish movement and found the important support level of 2938. Now if it will close below the important support level of 2900 then 2850 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 367.35. Now if it will close below the important support level of 365 then 358 will act as next support level. On the other hand 378 will act as a major resistance level.

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