GOLD MARKET DAILY REPORT

Market Outlook
Gold price taking daily resistance at the level 30350, this level pushes the price to negative bias now and it test to 30250 level before stopping the positive attempts. The bullish still valid for the upcoming period if not breaking 30250 level and sustaining and holding below it, as breaking the price next support is 30100.Crude oil price clearly breaking 3990 level after closing daily, which activates bearish trend for the intraday basis, Copper price continuation in the bearish bias, and the stability if the price sustaining below the support at 448.50 the main trend for copper is continuation of the negativite trend.

Fundamental News
Gold prices fell on Tuesday on a firmer dollar as investors waited for U.S. consumer price data due later in the day to gauge the outlook for inflation and the Federal Reserve’s rate hike stance.

Oil prices dipped on Tuesday, extending losses from the previous session, as the inexorable rise in U.S. crude output weighed on markets. U.S. production is expected to rise above 11 million bpd by late 2018, taking the top spot from Russia, according to the International Energy Agency (IEA).

Gold prices open high today and made low of 30237 but recover on later half of the day. Now if price sustains on higher levels then it can test resistance level of 30470 and 30546. On other side 30237 will be major support level.

Silver prices open lower today and made a low of 38620 but recover on later half of the day. Now if price sustains on higher levels then it can test resistance level of 39080 and 39282. On other side 38620 will be major support level.

Crude oil price opens higher shows hawkish movement but remain bearish for the end of day. Now if it sustains on lower level then it can test support levels are 3892 and 3858. On the other side resistance level is 3963.

Copper price open lower and consolidate but gain some bullish movement at the end of the day. Sustain near psychological level of 450. If it remains above level of 450 then it can test resistance levels are 452.30 and 454. On the other side support level is 448.50.

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