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Market Outlook

Gold prices inched higher on Tuesday, trying for its fifth-straight winning session as signs of slowing economic activity in the U.S. saw investors temper expectations for more rate hikes by the Federal Reserve. Oil Tuesday held onto overnight gains posted on Saudi and Russian backing for an extension of an output cut deal. The Saudi and Russian energy ministers Monday lent support for a nine-month extension of the output deal to the end of March. The firmer tone from yesterday seen in most of the metals and from last week in copper, aluminium and nickel, is looking fragile.

Fundamental News

The yellow metal notched a fourth-straight winning session on Monday after rising to its highest since May 4 at $1,237.40, following the release of underwhelming U.S. manufacturing data.

In order to rein in a glut, Saudi Arabia and Russia said on Monday that they agreed to the need for 1.8 million barrels per day (bpd) crude supply cut to be extended for nine months, until the end of March 2018.

Gold showed sideways movement and find the important resistance level of 28150. Now if it will close above the important resistance level of 28150 then 28300 will act as next resistance level. On the other hand 27900 will act as a major support level.

Silver showed sideways movement and found the important resistance level of 38800. Now if it will close above the important resistance level of 38800 then 39100 will act as next resistance level. On the other hand 38500 will act as a major support level.

Crude showed sideways to bearish movement and find the important support level of 3110. Now if it will close below the important support level of 3110 then 3060 will act as next support level. On the other hand 3180 will act as a major resistance level.

Copper showed sideways movement and find the important resistance level of 364. Now if it will close above the important resistance level of 364 then 369 will act as next resistance level. On the other hand 358 will act as a major support level.

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