Bullion Metals Market Highlights and Free MCX Tips

Market Outlook

Gold futures traded flat on Friday, but remained on track for its biggest weekly win since mid-April, supported by a slide in the dollar amid ongoing U.S. political turmoil. Investors appeared to take profits in gold in the midst of the precious metal’s best trading week since April – gold is on track to book at 2% weekly gain amid a tumultuous week in U.S. politics. Crude futures settled higher on Friday, as investors turned attention to the OPEC meeting next week amid growing expectations that OPEC members will extend supply cuts for a prolonged period. Most of the base metals trading on the Shanghai Futures Exchange are stronger; the exception is lead that is down 1.3% and nickel that is off 0.1%. On upside.

Fundamental News

A weaker U.S. dollar usually supports gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

Hedge funds and money managers cut bullish bets on U.S. crude for the fourth straight week due to ongoing concerns about rising output and the effectiveness of OPEC supply cuts. U.S. oil futures on the NYMEX gained 6 percent in the five trading sessions ended May 16, boosted by expectations that the major oil producing nations will extend their cuts further, even into 2018.

Gold showed sideways movement and broke the important resistance level of 28700 but not sustains on higher level. In lower side 28500 will act as a major support level and upward side 28900 will act next resistance level.

Silver showed sideways movement and found the important resistance level of 39300. Now if it will close above the important resistance level of 39400 then 39600 will act as next resistance level. On the other hand 39000 will act as a major support level.

Crude showed bullish movement and find the important resistance level of 3250. Now if it will close above the important resistance level of 3250 then 3300 will act as next resistance level. On the other hand 3150 will act as a major support level.

Copper showed bullish movement and find the important resistance level of 373. Now if it will close above the important resistance level of 373 then 378 will act as next resistance level. On the other hand 366 will act as a major support level.

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