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Precious Metals Market News and Updates

Market Outlook

Gold price approached this week recorded top at 1344.70 and shows some slight bearish bias from there, we will keep our bullish overview for the intraday and short-term basis, waiting to test 1357.53 level as a next station, Crude oil price begins today’s trading with bearish bias to move below the bullish channel’s support, which hints the price head to start intraday bearish correction that targets testing 62.80 level as a first station. The bearish bias will be suggested in the upcoming sessions, noting that the expected decline is temporary, waiting to rebound bullishly to resume the main bullish trend again. Copper price failed to take advantage of the positive factors to notice renewing the sideways fluctuation and settles around 3.2000, reminding you that it is important to hold above this level to support the bullish attempts that target 3.4400 followed by 3.5700.

Fundamental News

Gold prices edged lower in early dealings on Wednesday, backing off its strongest level in around four months as the U.S. dollar moved higher against a currency basket.

Crude prices were largely unchanged in early dealings on Wednesday, holding below their highest level since late 2014, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer

Gold showed sideways to bearish movement and found the major support level of 29680. Now if price sustains on a lower level then it will test next support level of 29600. On another side, 29829 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38882. Now if price sustains on a lower level then it will test next support level of 38666. On another side, 39487 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4097. Now if price sustains on a higher level then it will test next resistance level of 4130. On another side, 4043 will be a major support level.

Copper showed sideways to bearish movement and found the major support level of 460.00. Now if price sustains on a lower level then it will test next support level of 455.50. On another side, 443.80 will be major resistance level.

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