Crude Oil and Gold World Updates

Market Outlook

Gold prices lower on Wednesday, pausing for breath after rallying to the highest level in around three weeks in the prior session. Gold’s gains came as the dollar sank to an 11-month low after a second attempt by Republicans to replace Obamacare failed, delivering a major blow to President Donald Trump’s agenda. Oil prices were a bit lower on Wednesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products later in the global day. We hope to accommodate the rise in production from Libya and Nigeria taking into consideration other supply adjustments as well. But we emphasize that we have to work together with other producers and with the two countries.

Fundamental News

Dollar-denominated assets such as gold are sensitive to moves in the dollar – A dip in the dollar makes gold cheaper for holders of foreign currency and thus, increases demand.

While U.S. crude stocks rose by 1.6 million barrels to 497.2 million barrels in the week to July 14, gasoline stocks fell by a whopping 5.4 million barrels, the American Petroleum Institute said on Tuesday.

 

Gold showed sideways to bullish movement and found the important resistance level of 28260. Now if it will close above the important resistance level of 28300 then 28500 will act as next resistance level. On the other hand, 27600 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 37824. Now if it will close above the important resistance level of 38000 then 38500 will act as next resistance level. On the other hand, 37000 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 3034. Now if it will close above the important resistance level of 3050 then 3100 will act as next resistance level. On the other hand, 2950 will act as a major support level.

Copper showed bearish movement and found the important support level of 385.40. Now if it will close below the important support level of 385 then 380 will act as next support level. On the other hand, 391 will act as a major resistance level.

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