Today’s Silver Market Trend and News

Market Outlook

Gold prices were under pressure on Tuesday, sinking below the key $1,300-level as speculation mounted that the next head of the Federal Reserve will be more hawkish. The yellow metal climbed to its highest level since Sept. 26 at $1,308.40 on Monday, supported by safe-haven demand as a conflict between Iraqi and Kurdish forces broke out near the oil-rich city of Kirkuk. Oil prices crept higher on Tuesday, holding on to gains made as fighting between Iraqi and Kurdish forces threatened supplies from northern Iraq while political tension rose between the United States and Iran. After months of range bound trading during which OPEC-led supply cuts supported crude values but rising U.S. output capped markets, prices have moved up significantly this month.

Fundamental News

The U.S. dollar and bond yields pushed higher, dampening the appeal of bullion. The dollar index, which tracks the greenback’s strength against a basket of six major currencies, rose to a one-week high of 93.37.

Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock drop of around 4.7 million barrels, which would mark the fourth weekly decline in a row.

Gold showed sideways movement and found the support level of 29550 and upside it took resistance level of 29850. Now if price sustains below 29570 then 29420 will act as a next support level and upside 29880 will act as a next resistance level.

Silver showed sideways to bearish movement and found the major support level of 40700. Now if price sustains on a lower level then it will test next support level of 39420. On the lower side, 40300 will be major resistance level.

Crude oil gave some positive movement but it was not showed strength on a higher level. Now for upcoming session price sustains on the lower side than 3300 will act as a major support level and upward side it has a major resistance level of 3400.

Copper showed bullish movement and found important resistance level of 464. If price sustains above 464 then 468 will act as next resistance level and downside it will test major support level of 457.

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