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    Commodity Corner: Strong dollar weighs on gold

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    Commodity Corner: Strong dollar weighs on gold

    Crude oil prices are witnessing pressure on two sets of fundamentals. On one side are the concerns from Iran sanctions, OPEC compliance for the month of March has been 160 percent, and then there is Venezuela, where the European Union could be coming in from fresh sanctions on Venezuela.
    These are the supportive fundamentals.
    On the other side, the US output is at record highs and so are the US exports and that is leading to some profit taking.
    The strength in US dollar is weighing on many of the dollar denominated commodities, including gold and silver which is also witnessing some pressure.
    Gold prices are trading at a 5-week lows and this is the third consecutive week of decline.
    Aluminium has been the only metal that has been trading in the positive in the base metals sector.
    Check out commodity trading strategies from Commtrendz.
    Sell gold at Rs 31,350 with a stop loss of Rs 31,475 and target of Rs 31,050.
    Buy crude at Rs 4,510 with a stop loss of Rs 4,465 and target of Rs 4,600.
    Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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