Today’s Gold Market News and Calls

Market Outlook

Gold prices crossed above the key $1,300-level on Monday, as the U.S. dollar sank to its lowest in more than a year after Federal Reserve Chair Janet Yellen’s speech at Jackson Hole made no reference to U.S. monetary policy. Yellen’s speech at the annual meeting of central bankers in Jackson Hole, Wyoming on Friday focused on financial stability while giving no hint on monetary policy, leaving the prospect of more interest rate hikes up in the air. Oil prices edged lower on Monday, while gasoline futures soared to their highest since July 2015, as energy markets digested the impact of Hurricane Harvey on the U.S. Gulf Coast.

Fundamental News

Gold prices finished last week up 0.5%. The yellow metal has been well-supported in recent weeks as U.S. political developments kept investors on edge and supported safe-haven demand.

U.S. gasoline prices hit two-year highs as massive floods caused by the storm forced refineries in the area to close. In turn, U.S. crude futures fell as the refinery shutdowns could reduce demand for American crude.

Gold showed bullish movement and found the important resistance level of 29438. Now if it will close above the important resistance level of 29500 then 29800 will act as next resistance level. On the other hand, 28800 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 39660. Now if it will close above the important resistance level of 39700 then 40000 will act as next resistance level. On the other hand, 39000 will act as a major support level.

Crude showed bearish movement and found the important support level of 2951. Now if it will close below the important support level of 2950 then 2900 will act as next support level. On the other hand, 3050 will act as a major resistance level.

Copper showed bullish movement and found the important resistance level of 434.90. Now if it will close above the important resistance level of 435 then 440 will act as next resistance level. On the other hand, 420 will act as a major support level.

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