Gold Marke Trading Tips, News and Updates

Market Outlook

Gold prices edged lower on Wednesday, pulling further away from its strongest level in a month as investors braced for formal Brexit procedures to be triggered by the U.K. government later in the day. Oil prices extended gains on Wednesday despite industry data showing an increase in U.S. crude inventories, lifted by supply disruptions in Libya and views that an OPEC-led output reduction is likely to be extended. The rebound in the base metals prices suggests underlying sentiment remains strong enough to encourage solid dip-buying, but for most of the metals there is not enough follow-through buying yet to absorb the overhead selling that is still around.

 

Fundamental News:

Gold bullion investment will rise for the fourth straight year in 2017 as global political and economic factors are forecast to maintain buying interest.

Oil production from the western Libyan fields of Sharara and Wafa has been blocked by armed protesters, reducing output by some 250,000 barrels per day and prompting the National Oil Corp to declare force majeure on Tuesday.

Gold showed bearish movement and found the important support level of 28600. Now if it will sustain below the important support level of 28600 then 28400 will act as next support level. On the other hand 28800 will act as a major resistance level.

Silver showed bullish movement and found the important resistance level of 42270. Now if it will sustain below 42000 then 41500 will act as next support level. On the other hand 42500 will act as a major resistance level.

Crude showed bullish movement and found the important resistance level of 3215. Now if it will close below the important support level of 3150 then 3100 will act as next support level. On the other hand 3250 will act as a major resistance level.

Copper showed bullish movement and found the important resistance level of 385. Now if it will close below the important support level of 381 then 375 will act as next support level. On the other hand 386 will act as a major resistance level.

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