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Market Outlook

Gold price begins today’s trading with clear rise to surpass our first waited target at 1335.40 and attempts to hold above it, which supports the continuation of our bullish overview efficiently in the upcoming sessions, we are waiting for more rise today, If breaking 1335.40 and trading below it might push the price to test 1316.48 areas again before any new attempt to rise. Crude oil price continues to fluctuate between 58.60 support and 60.14 resistance levels, as the price needs to surpass one of these levels to detect its next destination clearly, thus, we will continue with our neutrality until we get clearer signal for the next trend. Breaching the mentioned resistance will push the price to start recovery attempts that target 61.40 followed by 62.65 levels initially.Copper price managed to gather strong positive momentum yesterday and some bearish correction are expected from current level.

Fundamental News

Gold prices continued higher on Wednesday, as investors looked ahead to U.S. inflation data to gauge how it will impact the Federal Reserve’s view on monetary policy in the months ahead.

Crude prices ticked lower on Wednesday, amid speculation weekly supply data due later in the day will show a big buildup in U.S. oil and fuel supplies.

Gold showed sideways to bullish movement and found the major resistance level of 30620. Now if price sustains on higher level then it will test next resistance level of 30750. On other side 30030 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 38750. Now if price sustains on higher level then it will test next resistance level of 39100. On other side 37700 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 458.20. Now if price sustains on higher level then it will test next resistance level of 460.90. On other side 445.30 will be major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3855. Now if price sustains on higher level then it will test next resistance level of 3912. On other side 3725 will be major support level.

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