Gold Market Trend News and Updates

Market Outlook

Gold price managed to confirm breaching 1321.49 after closing the daily candlestick above it, reinforcing the expectations of achieving more gains on the intraday and short-term basis, and the way is open to target 1357.53 level as a next station. Crude oil price shows some bearish bias after testing the resistance lines that appear on the chart, on its way for a potential test to the intraday bullish channel’s support line at 62.90 before turning back to rise again, these factors encourage us to keep our overall bullish overview. Copper price began to renew the attempts to gain positive momentum due to stochastic surpass to the overbought level, to keep its stability above the support at 3.2000, which supports the beginning of forming new bullish attack that allows it to reach 3.4400 and 3.5500.

Fundamental News

Gold prices were trading at four-month highs on Friday, as sentiment on the greenback remained vulnerable following weak U.S. data released on Thursday and ahead of key retail sales and inflation reports due later in the day.

Oil prices on Friday slipped away from December-2014 highs reached the previous day. This has contributed to a fall in Singapore refinery profit margins to below $6 per barrel this month, their lowest seasonal level in five years. Despite the lower prices on Friday, many analysts expect crude markets to remain firm this year, especially due to the OPEC-led production cuts.

Gold showed sideways to bullish movement and found the major resistance level of 29624. Now if price sustains on a higher level then it will test next resistance level of 29745. On another side, 29420 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39219. Now if price sustains on a higher level then it will test next resistance level of 39372. On another side, 38742 will be a major support level.

Copper showed sideways to bullish movement and found the major resistance level of 458.10. Now if price sustains on a higher level then it will test next resistance level of 461.40. On another side, 451.70 will be a major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4083. Now if price sustains on a higher level then it will test next resistance level of 4123. On another side, 4007 will be a major support level.

 

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