Today’s Profitable Gold Market News

Market Outlook
Gold prices remained at three-month lows on Friday, as expectations for a June rate hike surged, after the U.S. economy
created more jobs than expected in April, while unemployment fell to its lowest level since May 2007. Oil prices closed 1.5
percent higher on Friday, rebounding from five-month lows, following positive U.S. jobs data and assurances by Saudi Arabia
that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut. The correction in the base metals
continues, copper prices have joined nickel in breaking below recent, important, support levels.

Fundamental News
The bullish jobs report sparked investors’ expectations for a June rate hike. Fed rate monitor tool, 74% of traders expect the
U.S. central bank to increase its benchmark rate in June compared to roughly 60% of traders in the previous week.

Gains in oil futures were capped as concerns over rising U.S. oil output persisted, after oilfield services firm Baker Hughes
reported its weekly U.S. rig count rose by 6 to 703. It was the sixteenth straight weekly increase.

Gold showed sideways to bearish movement and found the important support level of 28055. 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 sideways to bearish movement and found the important support level of 37881. 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 bullish movement and found the important resistance level of 3009. Now if it will close above the important
resistance level of 3040 then 3100 will act as next resistance level. On the other hand 2900 will act as a major support level.

Copper showed bullish movement and found the important resistance level of 361.90. Now if it will close above the
important resistance level of 365 then 370 will act as next resistance level. On the other hand 355 will act as a major support
level.

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