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Safe Crude Oil Trading and Updates


Market Outlook

The above chart shows that Gold price managed to breach minor bearish channel that forms bullish flag pattern, which provides a positive motive that we are waiting to assist to push the price to continue the main bullish trend, as our next main target is located at 1357.50. Crude oil price moves inside the correctional bearish channel that appears on the above chart, which supports the chances of continuing the bearish correction on the intraday basis, reminding you that breaking 62.80 will confirm heading towards 61.50 as a next main station. To contradiction between the major indicators continued to force the Copper price to show additional sideways trading by fluctuating around the initial support 3.2000, while the stability of the current support line will keep the bullish overview valid until this moment. The trading range for today is between 3.2000 and 3.4400.

Fundamental News

Gold prices edged lower to start the week on Monday, as investors took a relatively calm view of the partial shutdown of the U.S. federal government. The U.S. government shutdown entered a third day after the Senate failed to reach a deal Sunday night to fund government operations.

 

Oil prices climbed on Monday, pushed higher by comments from Saudi Arabia that cooperation between oil producers who are withholding supplies would continue beyond 2018.

 

Gold showed sideways to bullish movement and found the major resistance level of 29955. Now if price sustains on a higher level then it will test next resistance level of 30050. On another side, 29699 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39290. Now if price sustains on a higher level then it will test next resistance level of 39487. On another side, 38666 will be a major support level.

Crude oil showed sideways to bearish movement and found the major support level of 4007. Now if price sustains on a lower level then it will test next support level of 3950. On another side, 4107 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 449.80. Now if price sustains on a lower level then it will test next support level of 447.On another side, 456 will be major resistance level.

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