Today’s Special Crude Oil Market Updates

Market Outlook

Gold prices kicked off the week with modest losses on Monday, as investors looked ahead to a Federal Reserve policy meeting, while keeping an eye on political developments in the U.K.A key focus for markets this week is the Federal Reserve’s two-day policy meeting that ends on Wednesday. Oil prices pushed higher on Monday, after swinging between small gains and losses overnight, as investors returned to the market to seek cheap valuations in wake of recent losses. Copper and zinc prices picked up late last week following better Chinese trade data and that did underpin most of the other metals, the exception being tin where prices are under pressure as toll-smelting licences suggest more refined may flow out of China.

Fundamental News

Last week, gold prices fell for a third day on Friday as the stronger dollar weighed after British elections failed to deliver a clear majority for Prime Minister Theresa May, sending sterling sharply lower.

Oil prices suffered their third straight weekly loss last week; amid concern that the ongoing rebound in U.S. shale production is derailing efforts by other major producers to rebalance the market remained in focus.

Gold showed bearish movement and found the important support level of 28930. Now if it will close below the important support level of 28850 then 28600 will act as next support level. On the other hand 29300 will act as a major resistance level.

Silver showed bearish movement and found the important support level of 39113. Now if it will close below the important support level of 39000 then 38700 will act as next support level. On the other hand 40000 will act as a major resistance level.

Crude showed sideways movement and found the important support level of 2945. Now if it will close below the important support level of 2900 then 2850 will act as next support level. On the other hand 3000 will act as a major resistance level.

Copper showed bearish movement and found the important support level of 372.30. Now if it will close below the important support level of 370 then 365 will act as next support level. On the other hand 378 will act as a major resistance level.

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