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Copper Market News and Updates

Market Outlook

Gold price succeeded to touch our waited target at 1321.49 and shows some bearish bias from there, the bullish trend scenario active in the upcoming sessions, noting that breaking 1299.20 will stop the suggested rise and push the price to test 1281.17 areas initially. Crude oil price shows sideways trades since yesterday to settle above 60.00 barriers, we are waiting to assist to push the price to continue rising, which keeps the bullish trend scenario valid in the upcoming sessions. Copper price did not show any news until this moment, to continue the effect of the sideways bias, there is a chance to touch the initial support at 3.2000 until gathering the bullish momentum that will open the way to resume achieving targets in the upcoming period by moving towards 3.4400 followed by 3.5300.

Fundamental News

Gold prices gained in Asia on Wednesday as a Twitter taunt by President Donald Trump to North Korean leader Kim Jong-un raised the stakes on nuclear weapons policy. Overnight, gold prices edged higher on Tuesday amid ongoing dollar weakness, while rising geopolitical uncertainties supported sentiment, including continued protests in Iran.

Oil prices were stable on Wednesday, not far off mid-2015 highs reached the previous session, as strong demand and ongoing efforts led by OPEC and Russia to curb production tightened the market.

Gold showed bullish movement and found the major resistance level of 29394. Now if price sustains on a higher level then it will test next resistance level of 29508. On another side, 29107 will be a major support level.

Silver showed bullish movement and found the major resistance level of 39454. Now if price sustains on a higher level then it will test next resistance level of 39761. On another side, 39010 will be a major support level.

Crude oil showed bullish movement and found the major resistance level of 3933. Now if price sustains on a higher level then it will test next resistance level of 3982. On another side, 3835 will be a major support level.

Copper showed sideways to bearish movement and found the major support level of 455. Now if price sustains on a lower level then it will test next support level of 453.85. On another side, 459.40 will be major resistance level.

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