Safe Trading in Precious Metal and News

 

Market Outlook

Gold price shows upward trading since the beginning of this week, the attempts to break 1335.40 level without managing to hold below it, we will continue to suggest the bullish trend for the upcoming period unless the price managed to breach 1335.40 level and hold below it. Crude oil price fluctuates around the 65.00; we will continue to suggest the bullish trend in the upcoming period unless breaching 63.60 level and holding below it. No change for the Copper price until this moment, to keep suggesting the bullish bias domination, as the price settles within the bullish channel, besides having the bullish momentum by the major indicators, we will wait to rally upwards in the near term and medium term period towards the main targets that start at 3.4400.

Fundamental News

Gold prices gained in Asia on Thursday as investors parsed the Fed language for signs of a more hawkish view on rate hikes in 2018. The Federal Reserve left interest rates unchanged at the end of its two-day policy meeting on Wednesday, keeping them in a range between 1.25% – 1.50%.

U.S. oil prices extended modest gains on Thursday as OPEC’s strong compliance with a supply reduction pact offset news that U.S. production topped 10 million barrels per day for the first time in nearly half a century.

Gold showed sideways to bullish movement and found the major resistance level of 30640. Now if price sustains on a higher level then it will test next resistance level of 30899. On another side, 30167 will be a major support level.

Silver showed sideways to bearish movement and found the major support level of 39020. Now if price sustains on a lower level then it will test next support level of 38850. On another side, 39580 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4229. Now if price sustains on a higher level then it will test next resistance level of 4271. On another side, 4120 will be a major support level.

Copper showed sideways to bullish movement and found the major resistance level of 457.90. Now if price sustains on a higher level then it will test next resistance level of 460.00. On another side, 449.50 will be a major support level.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Comment

Your email address will not be published. Required fields are marked *