Today’s Gold Market News and Tips

Market Outlook

Gold prices retreated further from their highest level in 11 months on Thursday, as market players looked ahead to a key batch of U.S. economic data to gauge the strength of the world’s largest economy and how it will impact the Federal Reserve’s view on monetary policy. Crude oil prices were narrowly mixed in Asia on Thursday as sentiment was underpinned regionally by China’s official manufacturing PMI, though the market is now largely driven by the stoppages and damaged caused by Hurricane Harvey along the U.S. Gulf Coast. Most of the base metals prices are in upward trends, with prices consolidating in high ground, lead and tin are the two that are still somewhat below their high ground.

Fundamental News

Gold ended lower on Wednesday as upbeat U.S. economic data and a stronger dollar prompted prices to snap a three-session streak of gains.

Tropical Storm Harvey’s effect on the energy industry has spread beyond flooding U.S. refiners as fuel pipelines also shut, threatening a supply squeeze across the nation and stirring up world markets as U.S. retail fuel prices rose further.

Gold showed bullish movement and found the important resistance level of 29740. Now if it will close above the important resistance level of 29800 then 30000 will act as next resistance level. On the other hand 29000 will act as a major support level.

Silver showed sideways to bearish movement and found the important support level of 39435. Now if it will close below the important support level of 39400 then 39000 will act as next support level. On the other hand 40300 will act as a major resistance level.

Crude showed bullish movement and found the important resistance level of 3036. Now if it will close above the important resistance level of 3050 then 3100 will act as next resistance level. On the other hand 2935 will act as a major support level.

Copper showed sideways to bullish movement and found the important resistance level of 444.70. Now if it will close above the important resistance level of 445 then 450 will act as next resistance level. On the other hand 430 will act as a major support level.

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