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Market Outlook
Gold prices dropped to a six-week low on Thursday, adding to overnight losses after the Federal Reserve left the door open to raising interest rates in June. Oil prices struggled near a five-week low in European trading on Thursday, as concern over a global supply glut lingered after data showed U.S. crude stockpiles fell less than expected last week. 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.

Fundamental News

Gold continued to trade close to three-week lows, after better than expected jobs and services sector growth data fuelled expectations that the Federal Reserve would hike interest rates in June.

As rapid growth in U.S. shale production grabs headlines and threatens to upend attempts by OPEC to balance oil markets, a more unsung sector of the U.S. industry is also hitting new output highs – the offshore Gulf of Mexico.

Gold showed bearish movement and found the important support level of 28020. Now if it will close below the important support level of 28000 then 27700 will act as next support level. On the other hand 28400 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 37827. 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.

Crude showed bearish movement and found the important support level of 2932. 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.

Copper showed bearish movement and found the important support level of 355.80. Now if it will close below the important support level of 355 then 350 will act as next support level. On the other hand 365 will act as a major resistance level.

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