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Gold Market Trend News and Updates

Market Outlook

Gold price leaned on the EMA50 that forms good support base against the intraday trades, the bullish trend will remain suggested in the upcoming sessions conditioned by holding above 1299.20, reminding you that breaching 1321.49 will open the way to visit the previously recorded top at 1357.53 as a next main station. Crude oil price continues its bullish rally to settle above the 63.00$ barrier, reinforcing the expectations of achieving more gains in the upcoming period, waiting to test 64.00 level that represents our next main target. Copper price still stable above the initial support at 3.2000, avoiding the negative pressures to increase the possibility of resuming the bullish attack in the upcoming period, therefore, we will keep waiting for gathering the bullish momentum, reminding you that the positive targets settle at 3.4400 level reaching to the resistance at 3.5500.

 

Fundamental News

Gold prices fell in Asia on Wednesday as weaker than expected consumer inflation in China last month gave some pause to views on global inflation rising more than expected in 2018.

Crude oil prices were trading at three-year highs on Wednesday, as traders awaited the release of weekly U.S. inventory data due later in the day. Oil prices continue to benefit from production cut efforts led by the Organization of the Petroleum Exporting Countries and Russia.

Gold showed sideways to bullish movement and found the major resistance level of 29430. Now if price sustains on a higher level then it will test next resistance level of 29510. On another side, 29121 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39300. Now if price sustains on a higher level then it will test next resistance level of 39485. On another side, 39742 will be a major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4089. Now if price sustains on a higher level then it will test next resistance level of 4112. On another side, 4016 will be a major support level.

Copper showed sideways to bullish movement and found the major resistance level of 461.40. Now if price sustains on a higher level then it will test next resistance level of 462.85. On another side, 452.10 will be a major support level.

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