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Market Outlook

Gold prices edged higher for the first time in three sessions on Wednesday, but gains were limited as investors continued to buy risk assets and sell havens. Crude futures are trading up 0.2% to $48.31/bbl as the IEA forecast its strongest oil demand growth in two years and as OPEC discussed prolonging output cuts further into 2018. Base metals prices are in correction/consolidation-at-lower-numbers mode, the exception is aluminum where prices are holding up well. There is dip buying evident in all the metals, so it is now a case of when the buying pressure overcomes what selling pressure there is.

Fundamental News

Gold prices fell below break-even on Tuesday as easing U.S.-North Korea tensions fueled demand for riskier assets lifting global stocks to record highs for a second straight day.

The Organization of the Petroleum Exporting Countries said in its closely watched monthly report that output in August declined by 79,000 barrels a day to 32.76 million, driven mainly by a drop in Libya, Gabon, Venezuela, and Iraq.

Gold showed bearish movement and found the important resistance level of 29820. Now if it will close below the important support level of 29800 then 29500 will act as next support level. On the other hand, 30500 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 40900. Now if it will close below the important support level of 40800 then 40500 will act as next support level. On the other hand, 41900 will act as a major resistance level.

Crude showed bullish movement and found the important resistance level of 3135. Now if it will close above the important resistance level of 3150 then 3200 will act as next resistance level. On the other hand, 3050 will act as a major support level.

Copper showed bearish movement and found the important support level of 421.95. Now if it will close below the important support level of 420 then 414 will act as next support level. On the other hand, 435 will act as a major resistance level.

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