Precious & Base Metal Market News and Calls

Gold prices were sharply lower on Monday, as investors looked ahead to comments from key Fed officials and a raft of U.S. economic data in the week ahead for further signs of the central bank’s likely rate hike trajectory through the end of the year. Oil edged up for a third straight session on Monday, climbing off last week’s seven-month lows but with gains capped by the relentless rise in U.S. supply and bloated global inventories U.S. shale oil output is up around 10 percent since last year, while places like Brazil have also hiked output.

Fundamental News

Market players are expected to pay close attention to comments from Federal Reserve Chair Janet Yellen on Tuesday, as they look for more hints on the timing of the next U.S. rate hike and clues on how the central bank plans to pare back its balance sheet.

Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand. Gas use typically hits a seasonal low with spring’s mild temperatures, before warmer weather increases demand gas-fired electricity generation to power air conditioning.

Gold showed bearish movement and found the important support level of 28350. Now if it will close below the important support level of 28300 then 28000 will act as next support level. On the other hand, 28800 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 37925. Now if it will close below the important support level of 37800 then 37000 will act as next support level. On the other hand, 38800 will act as a major resistance level.

Crude showed bullish movement and found the important resistance level of 2812. Now if it will close above the important resistance level of 2830 then 2900 will act as next resistance level. On the other hand, 2700 will act as a major support level.

Copper showed sideways movement and found the important resistance level of 375. Now if it will close above the important resistance level of 380 then 385 will act as next resistance level. On the other hand, 365 will act as a major support level.

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