Today’s Gold Market Profitable Call

Market Outlook

Gold prices soared to the highest level in six weeks on Thursday, after the Federal Reserve’s more cautious wording on the U.S. inflation outlook added to expectations that policy tightening would be glacial at best. Oil prices rose to a fresh eight-week high on Thursday, as data showing a fourth consecutive week of declines in U.S. crude inventories added to optimism that the market was rebalancing. Oil prices finished higher for the third-session in a row on Wednesday, after data from the U.S. Energy Information Administration showed a large drop in domestic crude and gasoline supplies.U.S. Oil inventories fell by 7.2 million barrels at the end of last week to 483.4 million barrels.

Fundamental News

Inflation data has undershot market expectations for four-straight months, showing little sign of improvement but policymakers remained optimistic that the pace of inflation will stabilize over longer-term.

.S. refineries are producing more fuel than ever as they seek to meet rising demand – from overseas, rather than the drivers on nearby roadways.

Gold showed bullish movement and found the important resistance level of 28607. Now if it will close above the important resistance level of 28610 then 29000 will act as next resistance level. On the other hand, 28300 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 38699. Now if it will close above the important resistance level of 38700 then 39000 will act as next resistance level. On the other hand, 37500 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 3165. Now if it will close above the important resistance level of 3170 then 3200 will act as next resistance level. On the other hand, 3070 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 3165. Now if it will close above the important resistance level of 3170 then 3200 will act as next resistance level. On the other hand, 3070 will act as a major support level.

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