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Get Profitable Crude Oil Domestic Market Updates

Market Outlook
Gold prices hit a five-month high of Wednesday after rallying more than 1.5% in the previous session as heightened geopolitical tensions underpinned safe haven demand for the precious metal. Oil prices rose on Wednesday, putting crude futures on track for their longest streak of gains since August 2016, as Saudi Arabia was reported to be lobbying OPEC and other producers to extend a production cut beyond the first half of 2017. Copper steadied on Tuesday after hitting a two – week low as the world’s top two copper mines continue to recover from recent disruptions, while zinc fell to a new three – month trough.

Fundamental News
Gold rose to a session high of $1275.75 earlier during the session, as investors poured into safe-haven assets, after expectations grew the U.S. may take military action against North Korea.

Saudi Arabia informed OPEC officials it favored an extension of the six-month OPEC-led deal to cut supply, which began in January this year, for an additional six months, when the group meets in May.

Gold showed bullish movement and found the important resistance level of 29297. Now if it will close above the important resistance level of 29300 then 29500 will act as next resistance level. On the other hand 28800 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 42418. Now if it will close above the important resistance level of 42450 then 42850 will act as next resistance level. On the other hand 41500 will act as a major support level.

Crude showed sideway to bullish movement and found the important resistance level of 3478. Now if it will close above the important resistance level of 3500 then 3530 will act as next resistance level. On the other hand 3400 will act as a major support level.

Copper showed bearish movement and found the important support level of 363. Now if it will close below the important support level of 361 then 355 will act as next support level. On the other hand 375 will act as a major resistance level.

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