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Gold prices traded higher on Friday, as the dollar remained under pressure at fourteen-month lows, after investor expectations grew the Federal Reserve would keep rates low for longer, following data showing inflation remained subdued. Crude futures settled higher on Friday, as data this week eased concerns about surplus supplies after Saudi Arabia pledged to lower exports while U.S. crude supplies fell more than expected. Copper and nickel have led the price advances this week, with the others showing some gains at stages during the week but they have struggled to hold on to these gains.

Fundamental News

Gold recouped some of its losses sustained earlier in the week, as traders mulled over a downward revision in the first-quarter gross domestic product (GDP) which offset second-quarter gross domestic product that met expectations.

The Energy Information Administration (EIA) reported Wednesday; crude and gasoline stockpiles fell by more than expected last week, pointing to an uptick in demand for crude and refinery activity.

Gold showed bullish movement and found the important resistance level of 28595. Now if it will close above the important resistance level of 28610 then 29000 will act as next resistance level. On the other hand, 28300 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 38575. Now if it will close above the important resistance level of 38600 then 39000 will act as next resistance level. On the other hand, 37500 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 3200. Now if it will close above the important resistance level of 3201 then 3250 will act as next resistance level. On the other hand, 3100 will act as a major support level.

Copper showed sideways to bullish movement and found the important resistance level of 409.50. Now if it will close above the important resistance level of 415 then 420 will act as next resistance level. On the other hand, 400 will act as a major support level.

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