Crude Oil Market Analysis and Updates

Market Outlook

Gold prices rose to their highest level in more than six weeks on Tuesday, as investor sentiment remained skewed toward safe-haven assets ahead of testimony from the former FBI director and British elections later this week. Market players will pay close attention to former FBI director James Comey’s testimony before the Senate Intelligence Committee on Thursday, in a hearing that could add to difficulties facing President Donald Trump. Oil prices fell further below $50 a barrel on Tuesday on concerns that a diplomatic rift between Qatar and several Arab states including Saudi Arabia could undermine efforts by OPEC to tighten the market.

Fundamental News

Gold prices scored a second-straight session of gains Monday as market player’s monitored fresh geopolitical tension in the Middle East as well as the fallout from the weekend terror attack in London.

The OPEC agreement stands and is highly unlikely to change because of tension with Qatar. Crude production in the Middle East will not change because of Qatar. With oil production of about 620,000 barrels per day (bpd), Qatar is one of the smallest crude producers in the Organization of the Petroleum Exporting Countries.

Gold showed bullish movement and found the important resistance level of 29577. Now if it will close above the important resistance level of 29600 then 29900 will act as next resistance level. On the other hand 28900 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 40842. Now if it will close above the important resistance level of 41000 then 41500 will act as next resistance level. On the other hand 40000 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 3097. Now if it will close above the important resistance level of 3100 then 3150 will act as next resistance level. On the other hand 3000 will act as a major support level.

Copper showed bearish movement and found the important support level of 358.85. Now if it will close below the important support level of 358 then 355 will act as next support level. On the other hand 368 will act as a major resistance level.

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