facebook

Copper Market Analysis and Updates

Market Outlook
Gold prices firmed in European trading on Tuesday, extending gains into a third session as investors turned their attention to U.S. trade data ahead of President Donald Trump’s meeting with Chinese President Xi Jinping. Oil prices fell on Tuesday as a rebound in Libyan oil production combined with an increase in U.S. drilling to signal the potential for increased crude supply. Copper prices traded lower in quiet conditions during Asian morning trading on Tuesday April 4, amid the absence of Chinese participants and weak US economic data.

Fundamental News
Supporting gold was geopolitical tension sparked by U.S. President Donald Trump who on Sunday held out the possibility of using trade as a lever to secure Chinese cooperation against North Korea.
Libya’s crude output increased on Monday after state-owned National Oil Corp lifted force majeure on loadings of Sharara crude oil from the Zawiya terminal in the west of the country, sources familiar with the matter told Reuters.

Gold showed bullish movement and found the important resistance level of 29150. Now if it will sustain below the important support level of 28900 then 28700 will act as next support level. On the other hand 29150 will act as a major resistance level.

Silver showed bullish movement and found the important resistance level of 42850. Now if it will sustain below 42300 then 41500 will act as next support level. On the other hand 43000 will act as a major resistance level.

Crude showed sideways movement and found the important resistance level of 3335. Now if it will close below the important support level of 3290 then 3250 will act as next support level. On the other hand 3330 will act as a major resistance level.

Copper showed bearish movement and found the important support level of 374. Now if it will close below the important support level of 374 then 370 will act as next support level. On the other hand 380 will act as a major resistance level.

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

Leave a Reply