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Gold Trading Tips and News Alerts

Market Outlook:

Gold price hovers around 1316.48 level, keeps pushing negatively on the price, these factors encourage us to continue suggesting the domination of the correctional bearish trend in the upcoming sessions, and our next target is correction level at 1301.20. Crude oil price ended yesterday’s trading with strong negativity to reach the thresholds of the waited target at 60.14, orrection level for the rise measured from 56.80 to 66.70, the upcoming trading, as breaking this level will extend oil price losses to reach 58.60 as a next station. Copper price hinted postponing the bullish attack by facing additional negative pressures; the current support will cancel the bullish overview to expect the beginning of forming main negative trades in the upcoming period, which will target 2.9500 followed by 2.8600 levels.

Fundamental News:

Gold prices were little changed on Friday, as the U.S. dollar declined following news of another U.S. government shutdown although a budget bill was expected to be passed before the weekend, while U.S. bond yields turned back higher.

Oil prices fell for a sixth day on Friday after Iran announced plans to boost production and U.S. crude output hit record highs, adding to concerns about a sharp rise in global supplies. The falls come amid a rout in global share markets as inflation fears grip investors.

  Gold showed sideways to bullish movement and found the major resistance level of 30250. Now if price sustains on higher level then it will test next resistance level of 30464. On other side 29805 will be major support level.

Silver showed sideways to bearish movement and found the major support level of 37540. Now if price sustains on lower level then it will test next support level of 37313. On other side 38310 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 3750. Now if price sustains on lower level then it will test next support level of 3706. On other side 3920 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 427.75. Now if price sustains on lower level then it will test next support level of 423.10. On other side 438.50 will be major resistance level.

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