Croud Oli Market Analysis and Upcoming News

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Market Outlook

Gold  and silver trade to bearish on Friday as  a strong dollar index, which measures the greenback against a basket of currencies, rose 0.1 percent to 100.500, after touching a seven-week low of 99.793 in the prior session. We expect in coming session bullion trade to sideways to bearish. Oil prices trade flat on Friday, giving up gains from earlier in the day, as market shifted its focus towards production increases in the United States from efforts by Opec and other producers to support prices by cutting supplies. In coming session it may trade to more bearish. All base metals trade in red zone on Friday and next session it may trade to sideway to bearish.

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Fundamental News

Gold fell half a per cent on Friday and headed for its first weekly loss of the year, as a two-day rise in the dollar prompted some investors to cash in gains after the metal hit its highest since mid November earlier this week.

Crude prices were quoted flat to higher in Asia on Friday with trade thin as Chian starts week-long Lunar New Year holidays and other markets shut as well.

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Gold showed sideway to bearish movement and found the important support level of 28080. Now if it will sustain below the important support level of 28000 then 27800 will act as next support level. On the other hand 28500 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 40470. Now if it will sustain below 40450 then 40000 will act as next support level. On the other hand 41300 will act as a major resistance level.

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Crude showed sideways movement and found the important resistance level of 3700. Now if it will close above the important resistance level of 3700 then 3750 will act as next resistance level. On the other hand 3600 will act as a major support level.

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Copper showed bearish movement and found the important support level of 399. Now if it will close below the important support level of 399 then 394 will act as next support level. On the other hand 405 will act as a major resistance level.

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