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Market Outlook

Gold and silver trade to bullish as the dollar slipped further from a 14-year peak hit earlier this week. We expect in next session more bullishness find in precious metals. Crude oil prices turned negative after government data showed a big increase in U.S. fuel stockpiles offset a large decline in commercial crude inventories. In coming session we can seen some bullishness. Base metals trade in red zone today and next coming session may trade to bullish.

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Fundamental News

Gold rose to its highest in four weeks on Thursday as the US dollar stepped further away from a 14-year peak with investors locking in gains from its two-month-old rally, and on a technical rebound.

U.S. crude inventories fell by 7.1 million barrels in the week through Dec. 30 as refineries hiked output. That compared with expectations for a decline of about 2.2 million barrels.

On Thursday, the U.S. Energy Information Administration reported that natural-gas stockpiles fell by 49 billion cubic feet for the week ended Dec. 30,

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Gold showed sideway to bullish movement and found the important resistance level of 27950. Now if it will sustain below the important support level of 27800 then 27600 will act as next support level. On the other hand 28000 will act as a major resistance level.

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Silver showed sideways movement and found the important resistance level of 40700. Now if it will sustain below 40200 then 39700 will act as next support level. On the other hand 40700 will act as a major resistance level.

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Crude showed sideways to bullish movement and found the important resistance level of 3680. Now if it will close above the important resistance level of 3700 then 3800 will act as next resistance level. On the other hand 3550 will act as a major support level.

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Copper showed strong movement and found the important resistance level of 388. Now if it will close below the important support level of 374 then 368 will act as next support level. On the other hand 390 will act as a major resistance level.

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